Answers for the Avid Collector
Do you have a question about anything numismatic? Want to know what’s going on here at Stack’s Bowers Galleries? If so, send your inquiries to AnswersfortheAvidCollector@StacksBowers.com and get a response to your important questions from our team of experts!
Question: I have an 1862 Legal Tender $1 that has several pinholes at one end. I’ve read about pinholes, but I haven’t seen any on modern notes. Were these a test of some kind, or why did people often put pinholes in currency?
-N.B.
Answer: There were two main reasons. The first was to pin one or several pieces of paper money to the inside of a coat or jacket, for security purposes. The second was simply to attach small groups of bills together, such as a handful of $20 (or whatever) notes in a bank or counting house, so they wouldn’t’ have to be counted again. By the early 20th century the paper clip took the place of pins for this purpose—leaving paper clip stains (rust marks) on some 20th century notes.
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