Collector traces history of state through its money
Culpepper has been collecting old currency notes for 20 years, specifically Nashville bank notes and Tennessee national bank notes issued between 1862 and 1935.
The endeavor has given him insight into the buyouts, the belly-ups and the broad-bellied bankers behind the legal tender.
“I’ve always been a history buff,” he said. “Most currency collectors are.”
An Army veteran, Culpepper is now a stay-at-home dad to his two daughters, which gives him time to pursue what he calls his “hobby turned obsession.”
“The first time Tennessee national bank notes were issued was in 1862 to fund the Civil War,” he said, holding up one of the notes, which are larger than current bills. “Here’s one from the First National Bank of Nashville. That bank was a depository for Union pay.”
National bank notes were the mainstay of America’s money supply until Federal Reserve notes appeared in 1914. Banks would buy U.S. government securities, deposit them with the comptroller and receive national bank notes in return. The notes would help circulate money in remote areas of the country.
Culpepper picked up a colorful $5 bank note from 1896 illustrated with “the presentation of electricity — a young woman holding up an elegantly coiled cord.”
“This is the most beautiful note the government ever produced,” he said, turning the ornate bill over in his hand.
But the depiction was controversial, too, because the young woman has a bare breast.
“According to coin books, the term ‘banned in Boston’ came about because of this bill,” he said. “Bankers’ wives didn’t want their husbands to have it in their banks because of the bare breast. So it was only issued through 1899.”
Culpepper adds to his collection through coin show and online auction purchases and is always on the lookout for rare bills.
“There are three Nashville banks — Second National Bank of Nashville, Merchants National Bank of Nashville and Commercial National Bank of Nashville — that we know printed notes, but we haven’t found any.
“It’s a mystery as to what happened to them,” he said. “But I’d really like to find one.”
Culpepper says you don’t have to be rich to be a currency collector. One can start out by collecting brand-new, never-folded $1 bills.
“Since there are 12 Federal Reserve banks in the country and every few years they make changes or introduce a new series, you can start with a note from each of them,” he said.
But don’t be surprised if your $1 hobby compounds like interest. Bank notes can range in value from $100 to $40,000 and more, depending on the condition and rarity of the note.
To keep his investment safe, Culpepper’s collection is tucked away in — you guessed it — a bank.
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