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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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