BANK NOTES.

Pukekohe & Waiuku Times, Volume 3, Issue 261, 31 December 1914, Page 1 (Supplement)

BANK NOTES.

AN ACCOUNT OF SOME REMARKABLE BANK NOTE FORGERIES. A (special Act of Parliament has been mado in oi'de rto withdraw the Treasury Notes issued to provide " bank-notes" to tako the place of sovereigns and halfsovereigns- during the present financial requirements in consequence of the war. The withdrawal has been brought about owing to the fact that forgers soon got"to work, having found that i&w notes were comparatively easy to imitate. The result is that the Treasury authorities have had to provide entirely new designs which are likely to add considerably to tho difficulties of the forger. Possibly the most perfect example of the printer's skill is the bank-note. This special art has reached such a height of perfection, that it is practically impossible for the forger to produce a counterfeit which will withstand keen examination. Considering the extensive use 01 this form of panel money, >t speaks highly for the skill employed in printing bank-notes that forgeries are so rare. In the early days of their use thin was by no means the case. The Bank of England, for instance, within a couplo of years of its establishment, was compelled to withdraw its issue of marbled notes. The first instance in th<, Bank's history where a person was punished for their forgery had a particularly romantic interest, the case being pathetic also. In tho town of Stafford there lived a trader named Vaughan, who was in somewhat needy circumstances. He fell in love with a young lady of a considerably higher social position; the only hope he had of making headway with Irs suit was to produce the impression that in reality he was a wealthy man. He attained this end by handing over to her keep'ng a bundle of banknotes for a considerable sum.

It need scarcely be added that these notes were forgeries. \ augnan produced them by a somewhat ingenious method which appeared to render detection impossible. Obtain'ng a genuine note, he cut it into various sections, sending each on© to an engraver with instructions to produce a suitable plate. Hav. iug thus obtained the plates, he fitted them togeher so thai it was possible to print a complete note from the assembled sections.

The suspicions of one of the engravers was aroused, and he communicated with the Bank. The result was the arrest- of the young; man. Although he had no criminal intention of defrauding the Bank, he was sent for trial and lound guilty, with the result that he suffered th<j death penalty in 17oi<. It is generally considered that the most expert forger who ever made a living by misapplied cunning was Old Patch, whoso real name was Charles Price. This man took the mot>t remarkable precautions, studying every detail, and going so far as to manufacture his own paper and ink. So successfully d'd he work that the Batik of England itself had no hesitation in cashing his counterfeit notes, and in a single day paio away £I,OOO for worthless paper. By a simple method of checking, the forgeries were detected, however, but for many years Old Patch continued \o best the Oid Lady of Threadneedlo Street. Despite the fact that the smartest detectives of the day were on his track, while the Bank offered large rewards, Oid Patch never fell into tlio hands of the authorities, as when he was finally traced he destroyed the whole of his plant and counterfeits, before putting an end to his own life. After a time the Bank began to suffer in an alarming manner owing to the vast number of forgeries, despite the fact that at that time tleve war. a death penalty for persons convicted of the crime. It is no exaggeration to state that a trade sprang up in counterfeit Bank of England notes, the regular price being six shillings for each pound of value. Actually thirteen dealers were arrested in one dav who had in their posessmu £IO,OOO worth of forged notes. Forged notes presented for payment at the counters of the BanK ran well into n/o figures each year. So great was the trado that public opinion became roused against the Bank, owing to the number of hangings which took place in. consequence of forgery, men being executed in-batches. Tlio Bank was practically compelled i-> take steps to prevent the issue of counterfeit notes. At one time tiie directors had IDS perfectly different designs made w> as to render imitation impossible, specimen notes being printed from each oI the-e designs. Nolwiihstand'inji every precaution/the former managed to keep pace with the Hank eiigrayeis. As a result capita! punishment for the crime was abolished. Tlio present notes in use are considered to be beyond imitation, lioweu'i, which is not* by rea»on of an_ elaltoraU' design., as in the case of American >a:iuers. ? It weu'd be dillieult 10 iuiag'ne an aoparentlv more smple design : ihe d;iificuhy of' l'"rging a modern Bank ol England note depends not upon too e- - iTnivin", but upon the paper, lbs i ■>- per is M>e"ially made, by a secret P>;«- , . —i f !,e Heidi's iiwn paper 'nubs, ', . r ed bv M-. rs. Port:il. Not only £ = *..pox«- : W ■L" 'l'lta'n a s-nrl »»• ivjer i',ut r there is »:*> a v.rv ingeu'ons and eonmlicated vv:!ti-r-nia r.c. Tli,, parci-nrl:, are situated at T.avistoke. 11 n i>i)"-<iii and bi - .'e;- b-oig w,-li guprded. the v. at-. ' ""j* ecerv :~.v.e of pap-r and o\er eu- i> !»'<>- cess from the i,.:ui.if:n-t:i:-...i£ ««» !•>;' to »ho final nr.H'Tn-.ii.n n ° ' Peecie all the n»' =:M - hoc. ever, a eonsidt ri'bV-on;: .u\ <;l ( ! Ml'k'lble j-.a; rl' V,.l.ie-11.11 ins used by for:;, v.. < ■■n-iderabU <x ■ cilenient " ; ' lfs ,' ,M " ' ,V i lf> - A'-i./j i.,11,1 ' 1'" Hank r/ler. i II I-Mnrd ot M.fnr.,,n !' I- " iion os ihe f"l""" , I V'ac.i'ly ' '' '''b ' • !! i, four jm ob .n" ' | l '., : 1 '! ' ■ ■ ■ : ( !e\" r s-b« •»).. • * , . ii , ■ o| ih.. *,<ir b " ~ ' • -1 1 . f ■: ■■■■ I' ki Vln t'i" .II ■!'" 1 ' 1 ,' . , ~,. i;. 1 / |l;> 1 -A!... •!■■■" = ;•' j k,V ,> ■■ rn , iiill of ' h'' ( ~ , p., M j 'rite I'i''t •' ! -'" | - nl il V v p:,.;..t : e'-!-. ,:^v'u. I,;,;: I. b-a - -10 of ;,i :,rb!>.V bll „