(Lutesville, MO) - Ozark Iron Company's Store 5 Cents Undated (ca. 1870s). PCGS Very Fine 20 Apparent. The Newman Collection has an impressive five denominations from this very rare series of 1870s iron-company store scrip. The issuer circulated change bills (without town name) and larger size dollar-denominated notes (with engraved town name). Lutesville was a depot stop for the St. Louis, Iron Mountain, and Southern Railway and was laid out with that purpose. The Ozark Iron Works was built in 1873 by William James (the son of Thomas James, founder of the Maramec Iron Works, and also an issuer of mining scrip). The Maramec Iron Works was located 20 miles northeast of the Ozark works was successful for decades. William James formed the Ozark Iron Company in 1872 in an effort to capitalize on the profits made by these Maramec works during the Civil War, but the 1873 financial panic and depressed iron prices affected all the iron mining companies in Missouri. The scrip notes were good for merchandise at the store, and when the panic hit, could serve temporarily as pay for the iron works employees. This is a small-format change type printed on bond paper by the St. Louis Democrat Litho. & Printing Co., but without their imprint (seen on the dollar denominations). At the left is a cow's head (copied from the National Bank Note Co. and used on the Maramec Iron Works change notes), titles and obligation are in the center, and a safe is at the lower right with a small \"5\" counter above. A large red \"5\" undertint protector is at the center. The denomination FIVE CENTS is across in white on a black cartouche. The engraved manager's signature is at the bottom. The fancy green back has \"Receivable / for / Merchandise / at / Cash Prices\" in a central cartouche flanked by counters. Noted with a \"Small Edge Tear at Left.\" A very rare note, and only a few scattered auction records over the past 35 years have been verified by us. In choice condition for the series and type. These small bills circulated heavily and were handled by iron workers laboring in a smoky, industrial environment. There was only a 25 cents from this issuer in Vacca and it was damaged. This is a superior example. Ex: Eric P. Newman Numismatic Education Society \n\n
From Newman VIII (Heritage Auctions, 11/2017), lot 28496, realized $312. Image and description courtesy of Heritage Auctions, https://ha.com.
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