SBG: THE HUGH SHULL COLLECTION

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V29 2026 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 29, Number 10, 2026, Article 18

Stack's Bowers will be selling the Hugh Shull Collection of Hard Times Era & Historical Notes on March 19. Select items are discussed below. -Garrett

May 10th, 1834. Rag Bank of the United States Philadelphia, PA Five Dollars. Hard Times Era Satirical Note. Rulau HT#N12. PMG Fine 12. No. 10. Plate A. This note is also unique and the only example observed by us. It first appeared in Smythe's 1995 Memphis auction where it was acquired by Dr. York. It was not until 2016 that it was finally sold again at Roland Auctions. Hugh finally got his chance to own this prize when the Nassau Collection was sold in 2023. Its overall character and dimensions are very distinctive. The "jackass" pictogram in the center permitted the obligations to swirl around it, in all their complexities. Though at first glance it looks like currency, because the denomination in the center, the numerous plays on political slogans from the period weave a narrative of this unstable financial period. Calhoun and Biddle are both lampooned with their first names. Payable to "H. Clay" at their branch in Lexington, this is a very unusual obligation on any Hard Times Era Satirical Note. The bill also mentions "Anti-masonic," or "W-H-I-G paper rags." The end panels with their perpendicular text are somewhat perplexing and merit further research but "WIG CURRENCY" sums up the overall tenor of this exceptional museum caliber note. Fault-free making it rather exceptional for such an instrument that was meant to look worn in commerce communicating its political messages. Very strongly pursued when last auctioned. We would expect the same today with its enhanced pedigree research doubtlessly confirming its uniqueness.

Ex: R.M. Smythe & Company, 1995 Memphis Auction #139 (06/1995), Lot #1168; Roland Auctions NY, Estate of Dr. Alan York: Coins, Medals & Paper Money (03/2016) Lot #222; The Nassau Collection; Heritage 2023 FUN Auction #3591 (01/2023), Lot #20198.

January 1, 1834. The Glory Bank, in the City of Washington Twenty Dollars in Glory. Hard Times Era Satirical Note. Rulau HT#UNL. PCGS Banknote Choice Fine 15. No. None. A second distinctive brown rag paper "The Glory Bank" type. Simpler than the previous and slightly smaller. The seemingly very well combed out boar faces left, scowling, and standing on straw. Flanking each side are "XX" counters, the title at center and obligation below. This type payable "in GLORY to Martin Van Buren, or Bearer on demand." The officers Kendall and Jackson are block printed like the previous. The simple end cartouches with "PAY MY PEOPLE IN GLORY." Extremely rare and missing from several of the major collections researched, including Leidman, Ford, and the Nassau Collection. This piece was sold in Schingoethe Part 9 and in the March, 2016 Dr. Alan York auction at Roland. This note demonstrates a strong originality with regards to the paper body throughout. At the upper left corner tip, the minuscule bald spot identifies this example's appearances in prior auctions. Another charming rendition and an important major type for the specialist.

Ex: R.M. Smythe & Company, Herb & Martha Schingoethe Collection Part 9 (12/2006), Lot #2643; Roland Auctions NY, Estate of Dr. Alan York: Coins, Medals & Paper Money (03/2016) Lot #361.

Aug. 21st, 1837. Humbug Glory Bank Six Cents in Mint Drops or Glory at Cost. Hard Times Era Satirical Note. Rulau HT#N18. PCGS Banknote Choice Uncirculated 64. No. None. This design is likely the most iconic from the entire genre and encountered with frequency in various conditions. Several are very low-grade notes, indicating they passed through hands heavily, most likely in the Philadelphia area. Printed on white rag paper, with imprints at the left and right margins. The layout and satirical references are numerous. At the top center, a recalcitrant jackass faces left, "Roman Firmness" above. To the left "6 Cents" counter titled ""Better Currency''" and to the right a titled "Hickory Leaf" vignette. Under the vignette, "We promise to pay to Tumble Humbug Benton. Seven Months after date at the 'HUMBUG GLORY BANK SIX CENTS in mint drops or Glory at cost." The titles rest upon an undertint of a large and lazy "6" outlined in white on shaded "CENT." Along the left end panel, inside the frame line, are six satirical Jackson-portrait coins or ''Mint Drops'' dated 1837, below is a satirical ''artist's signature'' as on contemporary medals, "Martin V. sc." At the right the ''magician'' has disappeared and all that is left is the President's trademark top hat, hickory leaf stem, pipe, spectacles and a "veto[ed]" bill; "6"' above and below. On the top border is the motto ""I leave this great people prosperous and happy''-Manager's last kick."" On the bottom border ''In seven months from this time bank rag shall be abolished.['']-Globe of 1834." Outside the frame lines are the imprints. At the left end, "SOLD Whole Sale, Winslows 6 Little Green St. near Maiden Lane New York." At the right end, "Published at 89 Nassau Street." At the bottom, are engraved signatures of "Cunning Reuben" as "Cash" and "Honest Amos" as "Pres't." At the bottom margin line is a "copyright," "Entered according to Act of Congress August 21, 1837, by H.L. Winslow in Clerk's Office of the Southern District New York." The mottoes are identical to the ''Five Cents in Mint Drops'' previous, but with different style and designs. In addition, there are plate and paper variances observed. This is a high-grade example and one of the finest we have seen. Only the Ford Part X note we sold in May 2005 eclipses this in preservation. This example is exceptionally framed even for the grade assigned boasting complete imprints and distinct margins that utterly trump the minor imperfections noted by PCGS Banknote. The note may have been pressed at one time, but this may as well be immaterial. Hugh acquired this privately, and we are uncertain if it has any auction pedigrees. This appears to be superior to the Richard August Collection example we sold in our Spring 2025 Showcase auction for $3,840. It is a striking example of this famous American note and would place itself perfectly into the center of any top caliber collection of these notes. PCGS Banknote comments "Small Repaired Edge Tear, Minor Adhesive Residue."

Historical Note: As we summarized in the Ford Part X catalog: "Amos Kendall, Reuben Whitney and Van Buren here again are satirized, along with most of Jackson's symbols from Veto to Hickory Leaves and his oft-quoted stubbornness or ''Roman Firmness.'' Few other Presidents found themselves facing such an array of their own symbols turned artfully against them with such devastating skill. Numismatists know that no Jackson portrait coins exist, but his obsession with Hard Money and his ally Benton made such a satire all too inviting."

(ca. 1837). The Great Loco Foco Juggernaut 12 1/2 Cents. Hard Times Era Satirical Note. Rulau HT#N21. PCGS Currency Very Fine 35. A numismatic rarity of great importance. Unlike the crude woodblock plates used for most of the Hard Times Era Satirical notes, the "Loco Foco" was created by an artist of extraordinary talent forging a masterwork. Laboring upon a small surface, an engraved plate was created with immense detail that foreshadowed many future American illustrators. The engraved plate still exists today. This is a note that always draws attention, and it has justifiably become one of the great favorites among sophisticated obsolete banknote collectors and Hard Times token mavens. Printed on thin skin-like paper. The designs were imaginatively drawn. Engraved by David Claypool Johnston, without imprint. There are three major vignette 'suites' featured on the note (almost as if acts in a play).

At the top center is a Martin Van Buren faced cat, atop bank deposits, riding a 200,000 JACK ASS POWER wagon being pulled to the left as a "juggernaut" by the "Loco Foco" radical Democrats wearing their yokes of OFFICE. Others sacrifice themselves underneath the mayhem. Following along are Jackson and 'John Bull' congratulating themselves on the situation. The Tories to be consoled were British bankers who were to profit from Jackson's fiscal policies. At the far right is Jackson dressed as an old maid trampling on VOTE OF CONGRESS, PEOPLE'S RIGHTS, and COMMON SENSE in small type. He's holding the flag of CONSTITUTION and an oar of VETO is projecting from the globe to his left. This is a clear reference to the influential and despised "Kitchen Cabinet" of Jackson's first administration. The left end vignette faces outwards and perpendicular with framed title GLORY ENOUGH. The jackass has the head of Jackson and behind is Van Buren as a monkey, hat in hand. The sign points TO RUIN and in fine print underneath "Treading in the footsteps of his illustrious & c." This vignette is flanked by two different satirical counters. In the bottom center, underneath the "juggernaut" is ornate text. In the center, a human faced dung beetle (most likely representing Thomas Hart Benton) pushes back on a ball titled 12-1/2 CENTS/SHINPLASTER over a re-creation of the Greek legend of Laocoön, priest of Apollo crushed by a serpent for warning the Trojans of the danger of the massive hollow horse left on the battlefield by the deceitful Greeks. TREASURY CIRCULAR strangles Van Buren. The left text in eight lines: Thou monster slayer, BENT ON gold, Who every bank WOULD-BURY; Who KENN'D ALL things in the womb of Time. And wiser grew sage Dogberry Endow'd with WIT-KNEE deep in love. Mong'st learned pundits, in the VAN Thou stand'st, a learned financier, And learned seer without finan.' The text to the right reads: 'For thou did'st see Mississippi bank, (The only bank devoid of rags.) O'erflow with shining yellow gold, Instead of HICKORY leaves and snags. Then in thy yellow current, see Thou pay the bearer TWELVE & A HALF CENTS At sight and charge the same to me. Yours with respect, an expense, [engraved signature in cursive] Loco Foco'.

Ex: Stack's Bowers Galleries August 2019 ANA Auction U.S. Currency (08/2019), Lot #11088.

July 22nd, 1837. The Sucker Institution Company, Guard Wall, PA Ten Cents in Suckers. Hard Times Era Satirical Note. Rulau HT#N25. PCGS Banknote Very Fine 30. No. 98765432. Hugh Shull considered this the center piece of his Hard Times Era Satirical Note collection. It was so revered that its first documented auction appearance was in the 1956 Stack's ANA Auction catalog. That was a time when most paper money such as this was relegated to the far corner of the bourse room. The intriguing design and satirical motifs elevate this considerably and few would argue against it being the "King" of this genre. Adding to its desirability is its impressive condition with the appearance of almost being as made. Under the title a scaly fish swims upstream in the field of the note. At upper left a "10" counter and at upper right, the serial number penned "98765432." The obligation across the center, promises to pay "N. Codfish" or bearer, "in Suckers" in addition "Ten Cents," in the center gives the appearance this is an actual scrip note. Bolded "Guard Wall, PA" and penned signatures of the officers "James Dill" and "S. Moody." Very interesting because this distinctive issue has satirical references much different than other better-known notes in the series. The signatures apparently refer to a sour distrust for worthless scrip notes. The payee references relate to the vignette and the populace being suckered. The descending ladder serial number was noted in our 2001 Americana catalog as "perhaps counting down to the impending financial disaster." The reference "on the Guard Wall," is more cryptic, but Pennsylvanians were flooded with hundreds of different private issues at this time. This is the Rulau Plate Note and likely unique in numismatic terms. This specimen is bright, vivid and well margined example with strong printing clarity that stands distinct for the grade assigned. Light wear is observed from the blank back. We last cataloged this in our 2001 Americana Auction where Hugh acquired it for $2,185. Prior to that, it was in the Robert Lindismith collection for over three decades. It has been twenty-five years since this was last available, and it alluded the top two specialists that day. An absolute trophy note that certainly merits a runaway price in this auction.

May 15th, 1837. Abrams Preaching on a Fire Plug, Philadelphia Twenty Cents. Hard Times Era Satirical Note. PMG Very Fine 25. No. 47. The fourth and final "Abrams Preaching" note we offer in this auction is an important one. The denomination is much rarer and it is the only confirmed example. The vignette is identical to the others with the mob of Quakers at left, instigating the constables to seize Abrams. The obligation across the top is identical to the previous 10 Cents. The bottom left is dated as last with the serial number "47." Signed only by Isaac Abrams at the lower right. Endorsed on the blank back by "Isaac Abrams." This is the Rulau Plate Note in all the editions it appeared. An impressive condition note and a great rarity. Appropriately, it boasts the superior pedigree chain that brings it forward to this bidding opportunity. It originated in the 1986 Leidman auction where Dr. York acquired it for $605. Nearly thirty years later it realized $1,500, to an anonymous internet bidder at his first estate auction at Roland in March 2016. Ultimately this reappeared at Heritage in December 2024 where it realized $4,800 in furious competition. Hugh recognized that it may be unique. A beautiful example that is the key in the "Abrams Preaching" series.

Ex: Bowers and Merena / Presidential Coin and Antiques Company, The Collection of Julian Leidman (Metropolitan New York Convention Sale 04/1986), Lot #4047; Roland Auctions NY, Estate of Dr. Alan York: Coins, Medals & Paper Money (03/2016) Lot #452; Heritage 2024 Winter U.S. Obsolete Showcase Auction #62234 (01/2024), Lot #95289.

(ca. 1837). Chelsea Clam Bank One Hundred Clams. Hard Times Era Satirical Note. Rulau HT#N41. PMG Very Fine 20 Net. Internal Tears, Backed. No. 149. Few would dispute that this is an epic American note. Its obvious symbolism and distinctive blue color printing make it an extraordinary presentation and very appealing. Printed in all blue on cream paper. The Jacksonian ass at the upper left and the boar at the upper right stare across the note with the nocturnal absconder removing the "Deposites" being chased by the canine basking in the moonlight at top center. The obligations across the center are mostly in italics and the payee and denomination are handwritten with the engraved "Clams." The note was printed by a mythical engraving concern in "Chelsea." Likely unique and the only example we have seen. Hugh did not participate in the first 2016 Roland Auctions sale featuring the Estate of Dr. Alan York. Dr. York acquired this through his agent Tom Denly at the May 2005 Ford Part X auction for $6,112.50. It required just over five-figures for Hugh to finally land this trophy in January 2023. PMG notes "Internal Tears, Backed." It is bright and sharply printed. An absolutely stunning note and one of the true highlights from this landmark collection. PMG comments "Internal Tears, Backed."

Jack Guevrekian, June 15, 1973; Stack's John J. Ford, Jr. Collection Part X (05/2005), Lot #4194; Roland Auctions NY, Estate of Dr. Alan York: Coins, Medals & Paper Money (03/2016) Lot #227; The Nassau Collection; The Hugh Shull Collection of Hard Times Era & Historical Notes. Ex: Heritage 2023 FUN Auction #3591 (01/2023), Lot #20212.

(ca. 1840). American Colonization Society, Monrovia (Liberia) Three Dollars. Abolitionist Related Currency. PMG Extremely Fine 40. Remainder. No. None. Plate A. The Anti-Slavery movement in America contributed social commentary and actions that influenced the eventual Civil War in the United States. The Monrovia notes with this title are among the most important artifacts related to this historical period and are very rare. Although for many decades this was traditionally collected as a Liberia issue, its American origin and implementation make it paramount in that genre of paper money. The imagery on this note is both iconic and ironic. Printed on bond paper, as used on notes intended for circulation, with imprint of Underwood, Bald, Spencer & Hufty, Philad./Danforth, Underwood & Co., N. York. Top center, flanked by George Washington and Henry Clay portraits, The Presentation of the Declaration of Independence. Left end, sailor standing in oval as "Lord Byron." Right end, boy with rake. Bottom center, small coconut palm tree. "Payable at their Store in Monrovia." Pick S103 (under Liberia, specialized volume). A remainder note, unaccomplished, with penciled annotation on the blank back. The third we have catalogued (the first being the Roper sale note which brought $632.50 in 1984), and a sole Proof we sold in the 52 Collection Part I sale in 2010. That unique proof realized $9,775. We believe there are five confirmed examples of this historic type. An extremely bold example and rarely offered. PMG comments "Annotation, Previously Mounted, Corner Tip Missing."

Historical Note: This very rare issuer engraved and printed these notes from the United States for use at the newly formed Republic of Liberia, capital Monrovia. The top center vignette imagery is quite iconic on this very historic note. Hugh Shull formed a specialized collection of "Presentation of the Declaration of Independence" vignetted notes. He recognized the significance of this as highly important within that collection. Interestingly, the founding fathers depicted on the central vignette were laden with slave owners including Thomas Jefferson. Social equality and moral equality were different matters. This society, which was founded in 1816 at the Davis Hotel in D.C., was not entirely about abolition and anti-slavery or about integrating freed blacks into America. Instead, the idea was that Monrovia was to be a place to "expel" the freed black population to avoid social integration, risk of slave rebellion assistance, and competition with white labor. Prominent Quakers, who were among many of the founders, benevolently believed that this repatriation would be better for these newly freed blacks, socially and economically. Among the society's founders was Henry Clay (pictured on the note) of Kentucky, who held an extreme view regarding the integration of freed blacks into American culture and the risks it would pose to the white populace and economy. The society sold memberships and even received $100,000 of funds from Congress.

(ca. 1854). Bank of Nebraska Will Pay on Demand at the Slave Pen in Washington, Five Hundred Dollars. Abolitionist Related Currency. PCGS Banknote Very Fine 30. No. None. A great rarity, one of only two examples we have observed in nearly four decades. Historically, it is in the upper echelon of satirical themed and styled notes, fitting well into this period of Hugh Shull Collection types. Though undated, it refers to the 1854 Kansas-Nebraska Act period where act architect Stephen A. Douglas and President Franklin Pierce share the notes surface area with the turmoil of anti-slavery satire rhetoric between. Printed current banknote size upon a translucent and thick, sturdy bond paper without imprint. Within an oval, the wise owl spreads its wings with banner "NEBRASKA LAND OF LIBERTY" with its talons clutched upon olive branch. Flanking left, a "$500" die and at the right, caricatured Black man, underneath "Against Foreigners." Titled across center "BANK OF NEBRASKA" with italicized satire text under. "Will pay on demand at the Slave Pen in Washington FIVE HUNDRED DOLLARS for every White or Black Slave delivered in Nebraska." Engraved signatures of "Gen'l Purse" and "Steve a. Doublelash" complementing their standing caricatured figures. Franklin Pierce in military garb stands upon the 1852 Convention "Baltimore Platf[orm] left. At right, "The Little Gnat" (not, Little Giant as he was known respectfully) is Douglas dressed holding a whip and a drink. Amazing imagery and subtle textual touches. The only published example we know of was in the first Dr. York auction in 2016. This piece was acquired privately and has never been at public auction. Printed as a single impression, the margins somewhat wide. Some doubling of the printing as made and press-bed ink smear may be observed. Worthy like several notes here that Hugh acquired for decades of achieving a strong realization. PCGS Banknote comments "Stained, Minor Edge Damage."

Great Britain. 1819 “House of Correction” Satirical “Skit” Note. Extremely Fine. Mimicking the British "white notes" and Provincial Banknotes of the early nineteenth century, satirical notes were created to comment upon relevant issues of the day, particularly those affecting the lesser classes of society. This British "Skit" is not often encountered and collectors frequently hold them in their collections for many years. The larger size and the layout is similar to Government "white notes" in circulation. Like the similar "Anti-Hanging" note, this so-called "Anti-Flogging" note takes on the cruelty of corporal punishment and the inequities of its distribution upon poorer citizens. The caricature artwork is attributed to George Cruikshank. He was a prolific illustrator for many decades. Printed on bond paper, published by S. Knight as noted far left. These were sold for "1 S." Satirical text across the center with bolded "Perpetual Flagellation" and engraved signature "J. Flogwell." At the far left, a perpendicular vignette portrays a juggernaut forced forwardly by Jack Ketch (executioner for Charles II, botched mercilessly the Duke of Monmouth's beheading) symbolizing Death wields the "cat" upon a man pushing the mortuary cart pulled by two other men; the scene cheered on at the rear. The coat of arms has Satan climbing the gibbet's ladder. At lower left, man in the stocks with banner. Exceptional and macabre imagery attributed to Cruikshank. Though corner tip backed upon a paper sheet, this uncertified example appears as made with moderate handling only and a vertical fold. The first we have handled and an important glimpse into this period.

Historical Note: George Cruikshank (1792-1878) was an important Victorian Era illustrator with influence upon artists until this very day. Prior to working upon his friend Charles Dickens' earlier works in the 1830s, he was a caricaturist with his notable (or notorious) works revolving in the 1819 period when several issues, such as Abolition and inequities in Justice, interested the educated population. His print "The New Union Club," a direct comment on the Anti-Slavery movement, has been studied closely in modern times. The two "skit" notes attributed to him, but not signed, are best known with paper currency collectors. Though, not signed, the "Bank Restriction Note" (the so-called "Anti-Hanging note) example in the British Museum was donated by his family in 1891; likely preparing for a 100th anniversary exhibit as his Dickens' inspired plates and others were held in high regard. It is interesting that "Jack Ketch" appears on both notes and his cruel symbolism carried forth for nearly two centuries. An interesting case of a mainstream illustrator, of future renown, cartooning his way during tumultuous political times.