This Money Was Issued by “The Devil”

It was on a Thursday afternoon in March that a carefully assembled collection put together over decades was auctioned off online. Described as “Hard Times Era & Historical Notes,” the assemblage held interesting and rare pieces that had, in many cases, been off the market for decades. One such note near the end of the auction was described as “mysterious” and hammered for only $384, below the $500 to $800 auction estimate.

The note carried a date of 1862 and was a piece of script valued at four cents; it was made as a satirical issue, a piece of ephemera. Only when someone takes the time to look at this unassuming piece of paper more closely does it become intriguing. The note is signed (issued by) Peter Thedivil, and it is with this name that the note becomes interesting. In the 1860s and before, “Thedivil” would easily be recognized for its intended reference, the devil. The spelling “divil” had appeared in English and Irish writing and dialect for centuries. Meanwhile, Peter was a very common name – such as Bob or Joe; using it would be easily understood at the time as a common name attached to a supernatural or symbolic character.

Next to this signature is a depiction of the Moon with a face, symbolizing many things by giving the Lunar body an anthropomorphism. Often, the Moon symbolized hidden activity or things done in secret or outside the normal order, so in a satirical imagery it would be considered shadowy. In the Civil War era, this symbolism could also imply the heavens are watching, or divine judgement, or even something so absurd that the Moon is expressing a reaction to something.

The image at the top of the note is a pig and the text “I’m off.” The pig is a symbol connected with greed, gluttony, slovenliness, and corruption. This symbol was common in insulting financial institutions and bankers at the time. The phrase “I’m off” usually connotes to “I’m done here,” something that might be said while walking away from the greed unbothered.

The top of the note states “TO CASHIER OF ANY-GOOD BANK.” This adds to the satirical nature of the note, mocking the banking system of the Civil War era. Any currency at the time could be “good” or “bad,” depending on who issued it; this note stating that any “good” bank would take this note is highly sarcastic. “Pay to Bearer 4 Cents in Any good funds” is written in the center. The denomination of four cents is another satirical angle of the note, representing a denomination that wasn’t currently issued in U.S. coinage or often issued in paper, making this note abnormal.

So, was the note issued by the devil? No! It was printed as a satirical piece of ephemera, something not meant to last but that moment in time. It is unknown who actually printed the note or why, but speculation has it originating from the Pennsylvania area. The note remains quite scarce, with only known example being cataloged in Schingoethe as Part 9, which is this note. It was sold as part of the Schingoethe Collection in December 2006 and remained off the market until 20 years later, when it appeared in the estate of the Hugh Shull Collection now certified and graded by PCGS Banknote. Being so rare, this piece or another example may not appear for a long time.