Finally!! On May 22, 1999 I received my first new quarter in pocket change. I can safely say that the release of the new quarters is now official!
Josh Tatum

Josh Tatum was an enterprising man back in 1883 when the "then" new design nickels came out. The first issue of the new 5 cent pieces had the face of Miss Liberty on the obverse and instead of "5 Cents" on the reverse, there was a Roman numeral "V". No mention of "Cents" anywhere.
Josh took it on himself to paint the new nickels with bronze or gold powder. He would then go into a shop and buy a cigar or something and hand the clerk the coin. The clerk would look the coin over and give him change for $5, yes $5. Josh never asked for change, (so he said), they just gave him change for the $5.00 gold coin!

Now $5 was a lot of money in those days and Josh made out pretty darn well, until he was caught.
Seems the Mint had a hard time striking up the details of the nickel's designs and found it easier to leave off the "Cents" denomination. Well, in the latter half of 1883, the word "Cents" was added on the reverse to preclude any other "entrepreneurs" from doing what Josh Tatum did for so long.
Josh was jailed for a short stretch and upon leaving jail, disappeared from history, but he left us a legacy. The saying "You must be Josh-ing me!"

So what does this all mean? Our coinage is based on history, and our history is based in our coinage.
What is obsolete currency or broken banknotes?

Prior to the Civil War, no paper currency was issued by the United States government. Paper money was issued by thousands of different banks, companies, merchants, and municipalities. Many of the banks failed or were fraudulent, and their notes became worthless. This is why they are sometimes called "broken" banknotes. Others were redeemed and canceled. Many were legitimate and survived past the 1860s, and continued to redeem their notes as they were presented. During the mid 1860s, these notes were taxed out of circulation. About the same time the Federal government started to issue paper money. One type of new Federal currency was national banknotes. If a bank wanted to continue to circulate its own currency, it would have to obtain a charter from the Federal government, and also obtain their notes from the government. Some obsolete banknote issuers became national banks and still survive, and all their notes, obsolete and national, are still redeemable. Many merchants, towns, cities, and counties also issued notes in denominations less than $1, and these are called "scrip".
Many people collect obsolete notes from their home state or county. Some collect unusual denominations or notes that depict coins. Others collect by subjects including trains, Indians, or unusual vignettes like whaling scenes or Santa Claus. With thousands of different designs, there are many possibilities. The scenes pictured on this old money give a unique view into the way of life and just what was important to the early Americans who used them.

Currency collecting has taken off in recent years with the better notes rising in values. Clean example of obsolete notes, those without folds, tears and pin holes are becoming scarcer since more folks wish to have good clean examples in their collections.

Occasionally you may find obsolete notes at the flea markets, but beware of copies. With today's technologies, coping notes has become more prevalent. How do you know for sure? Spend 20 years handling various types and you will get a "feel" for the correct paper. Oh-you might buy a book about them too!

Bob Tagen is a collector/enthusiast and member of A.N.A., E.A.C., C.O.N.E.C.A., The Fly-in Club