(St. James, MO) - Wm. James-Maramec Iron Works 5 Cents February 1, 1869. PCGS Fine 15. A rare, small-format note from another intriguing Missouri iron company series. Three members of the James family are directly related to the issuance of mining scrip. This series was issued by William James, with his engraved signature on the note, at a time when the iron works was very active and profitable. The first works was founded in the late 1820s by patriarch Thomas James and his partner Samuel Massey, who was later bought out by William James. Ill-advised overexpansion in the early 1840s caused a setback, but the Jameses continued on. William James essentially managed the works and owned most of the stock after buying out Massey and his brother (the interestingly named Anvil James, one of the builders of the scrip-issuing Scotia Iron Works). There was a camp for the workers (500 at its height), many who came from the east, and the St. James railroad stop made shipping somewhat efficient (although ore still had to be hauled by wagon to the train). The Civil War was the busiest time for the Maramec works as iron for cannonballs and James Eads' gunboats were produced there. Workers were exempted from the draft as long as the iron kept flowing. Profits from this period were used for new ventures by family members (Ozark Iron Works and Scotia Iron Works). After the issue of these notes, costly expansion sent the company into debt, followed by the 1873 financial crash and resulting iron ore price collapse. The State of Missouri fined the company $10,000 for issuing this scrip, which was used at the store and for paying workers when necessary. This small format note was engraved and printed by the National Bank Note Co. A cow's head dominates the left end. Titles, obligation, and date are in the right third of the note with a small upper right \"5\" counter and a red \"5\" protector. The ornate green printed back has the obligation in a cartouche flanked by 5/CENTS dies. This is much rarer than the banknote-size dollar-denominated notes from the company. There is some light soiling, but this is well margined and attractive. Ex: Eric P. Newman Numismatic Education Society \n\n
From Newman VIII (Heritage Auctions, 11/2017), lot 28509, realized $180. Image and description courtesy of Heritage Auctions, https://ha.com.
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