Who would have thought when Dr. Wallace Lee started plugging coins into Whitman folders in the early 1960s, he would one day become the foremost authority on paper money produced in Michigan.
‘It’s been a great ride, I’ll tell you that ? a lot of fun,? said the retired dentist and Oxford resident.
Lee has written a new book entitled ‘Michigan Obsolete Bank & Scrip Notes of the 19th Century/National Bank Notes 1863-1935.?
Published by the Wisconsin-based Krause Publications, the world’s largest publisher of periodicals and books on hobbies, the book retails for $125.
Approximately 1,000 pages long, Lee’s self-described ‘labor of love? chronicles and catalogs the history of paper money in Michigan over 130 years.
‘It’s the only book of its kind,? he said.
Filled with more than 2,200 images from Lee’s private bank note collection, the book is more than just an identification and price guide for paper money, it’s a history of both Michigan’s early banking system and the state itself as it evolved from a frontier territory to prosperous member of the union.
‘As I collected all these bank notes, I started researching them, learning more about them and where they came from,? Lee said. ‘I’d get hold of a note and wanted to learn its history and where the bank was that issued it.?
From the obsolete bank notes issued by state banks prior to the Civil War to scrip notes issued by private entities like local merchants and mining companies to the National Bank notes issues after 1863, Lee’s magnum opus presents a thorough record of Michigan’s early currency including values based on actual sales and serial numbers of bills known to be in existence.
‘I owned every one of these notes that are in here at one time or another,? Lee said.
The book also contains histories, locations and photos of the banks that issued the notes.
‘Some histories are short, other histories take up three pages,? Lee said
Lee began collecting Michigan bank notes in 1974 so he considers his new book the culmination of a 33-year journey that took him from amateur numismatist (one who studies currency and its history) to leading expert on the state’s early paper money.
‘It got to the point where people from other states were calling me about the history of Michigan bank notes,? he said. ‘Come to find out, I guess I am the authority on Michigan bank notes.?
Given his new-found status, Lee felt a certain responsibility and obligation to record what he knew for posterity.
‘Now if I am the authority, I should put down on paper what I got in my brain or this is gonna be lost for future generations,? he said. ‘That’s what inspired me to write the book.?
One of the things that drew Lee to collect old bank notes was their artistic beauty.
‘They were beautiful,? he said. ‘Nothing like our old blah federal reserve notes today. Every dollar bill you see today is the same old thing.?
From mythological gods and goddesses to locomotives and agricultural scenes, each early bank note featured unique and ornate pictures.
‘No two bank notes were the same,? Lee said. ‘They were always different, even from same bank.?
Lee’s interest in paper money began with his collecting of coins in the early 1960s.
Back when his dental office was located on the sixth floor of the Pontiac State Bank building in downtown Pontiac, Lee had bank employees keep a sharp eye out for good coins.
‘Every time they’d get something strange in they’d pick up the phone and give me a call,? he said. ‘Sometimes they’d have something good and I’d buy it from them.?
Lee recalled getting $1,000 bags of coins from the bank, taking them home and dumping them on the kitchen table so he, his wife and five children could go through them all looking for gems.
Eventually, Lee’s method of collecting evolved from banks and bags to coin stores and shows.
He once purchased a very rare 1896 half-cent coin for $18,000.
‘I had the largest collection of half-cents going,? he said. Three years ago he sold that collection for $2 million.
‘Not only is it fun, it’s lucrative,? Lee said.
For more information about Lee’s new book visit www.krause.com. The book also contains histories, locations and photos of the banks that issued the notes.
‘Some histories are short, other histories take up three pages,? Lee said
Lee began collecting Michigan bank notes in 1974 so he considers his new book the culmination of a 33-year journey that took him from amateur numismatist (one who studies currency and its history) to leading expert on the state’s early paper money.
‘It got to the point where people from other states were calling me about the history of Michigan bank notes,? he said. ‘Come to find out, I guess I am the authority on Michigan bank notes.?
Given his new-found status, Lee felt a certain responsibility and obligation to record what he knew for posterity.
‘Now if I am the authority, I should put down on paper what I got in my brain or this is gonna be lost for future generations,? he said. ‘That’s what inspired me to write the book.?
One of the things that drew Lee to collect old bank notes was their artistic beauty.
‘They were beautiful,? he said. ‘Nothing like our old blah federal reserve notes today. Every dollar bill you today see is the same old thing.?
From mythological gods and goddesses to locomotives and agricultural scenes, each early bank note featured unique and ornate pictures.
‘No two bank notes were the same,? Lee said. ‘They were always different, even from same bank.?
Lee’s interest in paper money began with his collecting of coins in the early 1960s.
Back when his dental office was located on the sixth floor of the Pontiac State Bank building in downtown Pontiac, Lee had bank employees keep a sharp eye out for good coins.
‘Every time they’d get something strange in they’d pick up the phone and give me a call,? he said. ‘Sometimes they’d have something good and I’d buy it from them.?
Lee recalled getting $1,000 bags of coins from the bank, taking them home and dumping them on the kitchen table so he, his wife and five children could go through them all looking for gems.
Eventually, Lee’s method of collecting evolved from banks and bags to coin stores and shows.
He once purchased a very rare 1896 half-cent coin for $18,000.
‘I had the largest collection of half-cents going,? he said. Three years ago he sold that collection for $2 million.
‘Not only is it fun, it’s lucrative,? Lee said.
For more information about Lee’s new book visit www.krause.com.