Hello, friends! By the time you read this, the election will be behind us, and we’ll finally know the outcome of what has been one of the most divisive political seasons in recent history. Personally, I’m relieved not to hear any more campaign ads or receive endless campaign texts that have flooded my inbox for the past several months.
This month, I want to take a detour from my usual focus on national bank notes and share an intriguing piece of United States currency that recently came into my possession, along with the fascinating story behind it. I think you’ll find it quite interesting.
Many of you, like me, probably browse eBay from time to time in search of items for your collection, especially national bank notes. With so many listings, it’s nearly impossible to see everything available, and it often takes a bit of luck to stumble across something truly unique. That’s how I came across the note I want to introduce today.
A few months ago, I was selling a circulated Series of 1891 $1 Treasury Note on eBay. As usual, eBay showed a list of “similar items” alongside my listing. One of the items that caught my eye was another Series of 1891 $1 Treasury Note, but this one had a red ink inscription on it. As those of you who follow my work know, I’m particularly drawn to inscribed currency with historical significance, so I clicked on the listing to investigate further.
The note was housed in a PMG Very Fine 25 holder, with a note that it had a “contemporary inscription.” The seller didn’t attempt to decode the inscription, nor did they mention it in the item description. Nonetheless, the price was set as though the note had no writing on it. After many years of reading early cursive and script, I was able to decipher the inscription, which intrigued me. I contacted the seller, negotiated a better price, and ended up purchasing the note.
The red inscription reads:
“Rec’d from Mrs. Geo. M. Studebaker May 15-1898 and followed the route of the 157th Ind. U.S.V. and returned to its former owner on Feb. 22, 1899.”
It’s clear that the writer initially attempted to place the inscription directly under the word “UNITED” on the note but realized they didn’t have enough space to complete it.
A quick online search revealed that the 157th Indiana U.S. Volunteers, referenced in the inscription, was commanded by Colonel George M. Studebaker. That surname probably sounds familiar to many of you—it belongs to the famous Studebaker family, known for their automobile manufacturing company. George Studebaker was the son of the company’s founder.
Through further research, I learned that George’s wife, Ada Mar Lantz, gave the Treasury note to him for good luck as he departed with the 157th Indiana during the Spanish-American War. The note traveled with him, and upon his return in 1899, he inscribed it and returned it to her. Let me share a little more about George M. Studebaker and the history of the 157th Indiana Volunteer Regiment.
George Milburn Studebaker was born on December 3, 1865, in South Bend, Indiana. He was the eldest son of Clement Studebaker, one of the five brothers who founded Studebaker Brothers Manufacturing Company. Originally a coach-building company, the firm transitioned into the automotive industry by 1902. It became famous for producing electric and gasoline-powered vehicles, with the first gasoline cars introduced in 1912.
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In 1884, George married Ada Mar Lantz. Their wedding, celebrated in South Bend’s First Presbyterian Church, was a grand affair, attended by many notable figures. After the marriage, George worked in the family business and later served as colonel of the 157th Indiana Volunteer Infantry Regiment during the Spanish-American War.
The regiment was mustered into service on May 10, 1898, in Indianapolis, and its members were affectionately known as “Studebaker’s Tigers.” They were initially stationed at Camp Mount and later moved to Camp Thomas, Georgia, before being deployed to Florida. However, by the time they were in Florida, the war was nearing its end, and the regiment saw very little action.
The Spanish-American War concluded in August 1898, but the 157th Indiana Volunteers stayed in service until November 1 of that year. Sadly, the regiment, despite its readiness, saw no glory in the conflict. It was made up of highly educated and affluent men, including George Studebaker, but like many other units, it didn’t participate in the active fighting.
After the war, George returned to the Studebaker business, and over the years, amassed considerable wealth. In fact, by the early 1920s, he had accumulated a fortune of $3.5 million. However, despite his financial success, the Great Depression dealt a devastating blow to George and his brother Clement. They had invested heavily in the utility empire of Samuel Insull, and when Insull’s holdings collapsed in the early 1930s, so did the Studebakers’ fortune.
By 1933, George filed for bankruptcy, and within a few years, the Studebakers were forced to leave their grand home at Tippecanoe Place, the family mansion in South Bend. They moved into a rented house, their former wealth and possessions lost to creditors. George passed away in 1939, and Ada followed in 1954.
The note that I now have in my collection is a tangible reminder of George Studebaker’s service in the Spanish-American War and his family’s storied history. It’s a simple piece of currency, but with the inscription, it holds a unique connection to the past, telling a personal story of love, service, and loss. The note, carried by Colonel Studebaker during the war, was returned to his wife and remained in the Studebaker family for many years before it found its way into my collection.
Collecting currency often involves wondering about the history of the notes, and in this case, I can trace this particular note’s journey from the battlefields of Florida to the hands of a wealthy family in South Bend. It’s a beautiful and historical piece of the past, and I’m glad to have it as part of my collection.