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Ruh roh... I got a tapeworm.  
 

 
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Posted 07/11/2018   10:42 pm  Show Profile Check revenuecollector's eBay Listings Bookmark this topic Add revenuecollector to your friends list Get a Link to this Message
But the good kind, not the parasite (unless you want to consider what it did to my wallet ).

I already had an example of RN-A11, but only the leftmost column (bank names and the revenue imprint) rather than the full document. Both are valued in Scott, with the full document being over 4x the value of just the left column ($1,100 vs. $250).

This example showed up on eBay, I made an offer, and it was accepted.

It's called a tapeworm for the long wormlike string of revenue imprints at left.

I wouldn't go so far as to call it rare or even necessarily scarce, but it certainly isn't common. I've been looking for one that wasn't priced at full Scott or above for some time. There aren't many completed auction examples, and both Eric and Richard rarely have more than one example in inventory (at least that are made public at any rate).

This one is in lovely condition.

I don't understand why this one is RN-A11 when it preceded RN-A10 (my understanding is that the 3 additional banks on RN-A10 were added to the bottom of RN-A11).

Why are they ordered the way they are in Scott? Or is my understanding of their creation sequence inaccurate?

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Posted 07/11/2018   11:42 pm  Show Profile Bookmark this reply Add revcollector to your friends list  Get a Link to this Reply
Complete tapeworms in this condition are not at all common. I would certainly call it scarce.
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Posted 07/12/2018   07:29 am  Show Profile Bookmark this reply Add revenuermd to your friends list  Get a Link to this Reply
There was a time that four lengths of tapeworms were listed. But in 1990 I wrote an article in the American Philatelic Congress yearbook that debunked all but the two known lengths. You have the short one - its use is documented in October - December 1865. These were used daily by specie clerks from each bank in the New York Clearing House as they exchanged checks cashed on other banks. In the afternoon there was one exchange of money to settle accounts. This saved each specie clerk from settling separately with each bank (as they had done earlier in the nineteenth century). This was done six days a week; yes, Saturday was a business day! As more banks became members of the Clearing House, longer tape worms were created. The long one is recorded for the first half of 1867. Each two cent stamp is paying the receipt tax. The longer ones show charring along the left side, evidence that they were rescued from burning.
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Ron Lesher
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Posted 07/12/2018   07:39 am  Show Profile Check revenuecollector's eBay Listings Bookmark this reply Add revenuecollector to your friends list  Get a Link to this Reply
Thanks Ron, that confirms my thought: the two Scott catalogue numbers are, in fact, reversed from the way they logically should be.

Probably too late in the day to correct, as the industry is used to the existing numbers, and to a certain extent, catalogue numbers vs. dates is somewhat arbitrary, but it's still annoying...
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Posted 07/12/2018   1:57 pm  Show Profile Bookmark this reply Add Hal to your friends list  Get a Link to this Reply
Thank you for showing this example. I find the reference to "SPECIE CLERK'S STATEMENT" a fascinating reference on this piece. It reminded me of President Andrew Jackson's "Specie Circular" enacted by Van Buren.
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Posted 07/12/2018   8:19 pm  Show Profile Bookmark this reply Add ikeyPikey to your friends list  Get a Link to this Reply
Q/ Was it the usual practice to complete all of the ledger entries for one day and, then, at the end of the day, to apply all of the revenue stamps?

If they were applied one at a time, with each ledger entry, the tapeworm would be layered the other way.

Cheers,

/s/ ikeyPikey
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Posted 07/12/2018   8:31 pm  Show Profile Bookmark this reply Add SPQR to your friends list  Get a Link to this Reply
The "tapeworm" is revenue stamped paper - the revenue stamp imprint was pre-printed on the document (along with the names of the banks) to save time and effort. Revenue imprints were also pre-printed on checks, bonds, stock certificates, etc.
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Posted 07/12/2018   8:35 pm  Show Profile Bookmark this reply Add SPQR to your friends list  Get a Link to this Reply
By the way Dan, if you got it for less than the opening bid on eBay you got a great deal. I had it on my "watch" list, but didn't bid because I have 2 already and didn't need a third.
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Posted 07/13/2018   08:37 am  Show Profile Bookmark this reply Add kirks to your friends list  Get a Link to this Reply
Wow. I always learn something from your posts. Very nice.

KirkS
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Posted 07/13/2018   08:58 am  Show Profile Bookmark this reply Add revenuermd to your friends list  Get a Link to this Reply
To all in this thread. Go get the article I wrote in the 1990 American Philatelic Congress yearbook. It can be borrowed from the APRL. There is too much in there to fill up this thread, including some images from a book on the New York Clearing House and its history.
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Ron Lesher
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Posted 07/23/2018   6:30 pm  Show Profile Bookmark this reply Add GregAlex to your friends list  Get a Link to this Reply
So in one day, that bank cleared $3.37 MILLION in transactions -- in 1865! That is a remarkable number. But it was a major bank, I suppose, so that was probably just a day's work.
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Posted 07/29/2018   12:56 pm  Show Profile Bookmark this reply Add Halfpenny Yellow to your friends list  Get a Link to this Reply
What was the point of having part imprints of 2c stamps, how come they didn't have a single imprint with the total required value?
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Posted 07/29/2018   2:14 pm  Show Profile Bookmark this reply Add revenuermd to your friends list  Get a Link to this Reply
First, In 1865 there was no stamp or imprint with a value of $1.08. Thus it was more practical to pay the receipt tax of 2 for each line with an imprint. But since there was not enough space on each line, the particle designs as if there was a stamp per line. This was carried out on other instruments, notably bonds where multiple taxes were being paid. Thus we might have a bond with a $1.00 imprint plus several 4 imprints for imbedded agreements and certifications. This made it easy to account that the total tax liability was being paid. And, of course, eliminated the need for many different denominations. The same was true for adhesive stamps where we frequently see several stamps on a document.
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Ron Lesher
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Posted 08/05/2018   5:05 pm  Show Profile Bookmark this reply Add James Drummond to your friends list  Get a Link to this Reply
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Posted 08/05/2018   5:59 pm  Show Profile Bookmark this reply Add revenuermd to your friends list  Get a Link to this Reply
All of the ones from 1867 show signs of rescue from a fire along the left edge.
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Ron Lesher
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Posted 08/17/2018   08:04 am  Show Profile Bookmark this reply Add revenuermd to your friends list  Get a Link to this Reply
As many may know, my collection of the 2 revenue stamped paper (Types A through O) is with a prominent dealer and can be purchased at private treaty. The exhibit portion of the collection had won a grand award and was in the Champion of Champions competition at APS Stamp Show a good number of years ago. Many inverts, many only one recorded copies included in the exhibit. I have retained receipts and my collection of American Phototype specimens (from the company archive). Both tapeworms are included in the exhibit/collection.

I have recently purchased one of the short tapeworms, an iconic philatelic item in my opinion. I would like to note that both Dan's recent purchase of the short tapeworm and the one that I have acquired are new dates to add to the list of 21 dates recorded in my 1990 article in the American Philatelic Congress yearbook, bringing the total recorded to at least 23. I suspect that all the dates from November 1 through December 31, excluding Sundays are out there somewhere, which would bring the total to somewhere in the low fifties. I was incorrect in an earlier post that the earliest dates are in October. No October dates recorded.

In 1865 Saturday was a banking business day and the specie clerks went to the New York Clearing House to exchange checks that they had cashed on behalf of another member bank. This innovation eliminated the need for the specie clerks to meet on a street corner in lower Manhattan and to separately pay out cash to other specie clerks. The NY Clearing House provided the opportunity for each bank to pay or receive one amount to/from the Clearing House each afternoon. The exchange of checks is documented by the multi-receipt document that we have termed the "tapeworm."
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Ron Lesher
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