Laudo FED RES - 3 Aps PDF

HUMBERTO MEDEIROS DE MORAES
P E R I T O D O C U M E N T AL
0130306-000R-IGFDR-03
Subjects under analysis
PG
Listing of the Bonds under Analysis.............................. 05
Comparative Graphic Standards ................................ 07

Research Methodology used
Analysis conclusion ..................................................... 08

About the printing work
About the signatures
About the supporting paper
Expertise Conclusion ............................................... 27

Verse of the policy
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Av. Angélica, nº. 2601 – 11º. Andar - Cj. 111
Bairro Consolação/Sta. Cecília
CEP: 01227-200 - São Paulo - São Paulo.
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SUBJECT UNDER ANALISYS

The present expertise report is to inform that were handed to me, Humberto
Medeiros de Moraes, Document Expert, the document(s) hereunder
described, which were submitted to analysis, with the best of my knowledge
on the subject which result(s) I am transcribing on the strength of this
document report, at request of the interested party (ies), as follows:
TITLE OF PUBLIC DEBT OF THE UNITED STATES OF AMERICA, called

“Federal Reserve Notes“ of 1934 whose details and numbers appear herewith
as follows:
Bond No. Issued Date Value Serial Nº.

F05123341 A 1934 US$100,000,000.00 1934
F05123345 A 1934 US$100,000,000.00 1934
F05123346 A 1934 US$100,000,000.00 1934
The above policies, under analysis, are part of a lot of 250 similar bonds,
starting from number F05123300A thru F05123550A. These bonds are part
of the box No. 05122260A, padlock 11-09 which is composed of the following
pieces: 250 (Two Hundred and Fifty) BONDS; 1.GENERAL BOND
CERTIFICATE; 2.GLOBAL IMMUNITY CERTIFICATE; 3. BANK DEPOSIT
CERTIFICATE; 4. TREASURY CERTIFICATE; 5. INSURANCE CERTIFICATE;
6. GOLD BULLION CERTIFICATE all in accordance with requirements of the
American Government for such titles at that time. The above Policies bear
the signatures of the “Treasurer of the United States, illegible, and that of
the “Secretary of the Treasury”, also illegible on which we will comment
further on.
All the bonds bear all (35) interest coupons attached and unredeemed.
According to the BANK DEPOSIT CERTIFICATE these bonds, aside of being

sovereign, are guaranteed by 2,500 MT of gold deposit with 99,99 purity.
This gold bullion is to be deposited at account No.117-28-1135, box No
FRNF-05123300-A
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.
SUBJECT UNDER ANALISYS (Contd.)
The documents of this issue present drawing in the form of metal engraved frame of
the chalcographic type, with smooth tactile reliefs printed in the dark gray color,
having on the background security filigrees on a repetitive fashion “crossed lines in
chess style”, printed in the light gray color, this composed of micro letters. At the
top the graphic art is comprised by the filigrees around edges where the expression
“Federal Reserve Note” is applied in a concave form; on the left side the next
expression are: “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS PUBLIC AND
PRIVATE, AND IS REDEEMABLE IN LAWFUL MONEY AT THE UNITED STATES
TREASURY OR AT ANY FEDERAL RESERVE BANK”; right below follows a graphic
art composed of a “toothed wheel”, having at center the letter “F” applied in black
bold type; on its edges the expression “The Federal Reserve Bank of Atlanta –
Georgia”, applied in three directions in hollow letters.
a) the numbers appearing on these policies are applied in red ink, and
further more to the farthest right side the number “6” and right below the
expression “series of 1934 A” and; b) further down and as follows this,
there are the expression in ciphers of the facial value of the notes the
number “100,000,000” applied in bottle shaped letters on a drawing in
form of a "cog-wheel" applied in red color having, yet, right below, the
expression “Washington D.C.;”
b) the questioned notes have as the central art an artistic reproduction of

the American ex-president, Mr. Grover Cleveland; further down below there
are deposited the facsimiles of the signatures that seal the titles. The
questioned notes bear in each corner the expression of its facial value, i.e.
“100,000,000” and near the foot of the titles the expressions: "THE UNITED
STATES OF AMERICA WILL PAY TO THE BEARER ON DEMAND ONE
HUNDRED MILLION DOLLARS”.
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Comparative Graphic Standards
Research Methodology Applied
The paradigms of the graphic standards and relative signatures on the

notes under analysis were obtained from literature offered by specialized
magazines, whose data and signatures are part of the database of this
reviewer expert. One of the main reference sources, from where the
paradigms appearing on the notes in analysis were collected, was on
special literature published and other media means. That is where much
was found about the questioned notes and the signatures under study. In
this way, it was possible to establish, from such faithful reproductions of
the titles and signatures, the safest paradigms. Therefore, that´s the
standards we have used to confront. Besides, several others likewise
bonds already examined by this expert.
In what concerns the type and printing quality the expert utilized the
research “in loco”, in a call on the Casa da Moeda do Brasil office, as well
as graphic pieces, also reproduced in the literature mentioned and
published by the American Bank Note (Chalcography Bank Note of 1996).
The research was undertaken with the goal of comparative / paradigms
on the "Chalcographic" printing process, used mostly to print circulating
currency notes, as well as security government papers whose printing
was of the highest quality, presenting an excellent graphic definition vis-
a-vis comparison to common graphics printings. A test was thoroughly
carried out and completed on the bonds with the goal to possibly
determining how old the printing on the supporting paper is.
About the Supporting Paper

Another important query is the determination of the quality and time life of
the paper used for printing the notes here questioned.
Another test was also conducted on the supporting paper under analysis. It
was done by using microscopic stereoscopic method, hand magnifying
glasses, as well as application of incident light, back light and “Light of
wood" with the purpose of evaluating the paper used in the printing of the
notes in question. And more if this paper is that it was used and
manufactured at that time to print these bonds; else, if it bears a water mark
as to proving origin and authenticity of these notes in 1930/34. It was also
undertaken a lab test with the purpose of identifying its composition.
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CONCLUSION
About Graphic Printing
The main goal about this analysis will be the identification about what
process was used for printing the questioned notes; moreover, if the printing
process was of security method and what was the printing process used at
that time for printing of security papers.
For this task, the expert used a stereoscopic microscope, hand magnifying
glasses, besides visual and tactile analysis in the process of comparing with
the existing paradigms.
After thorough verification by microscope and magnifying glasses it was

noted that the printing of these notes are of the security kind and therefore
of high quality and excellent definition. The excellent quality of the positive
and negative lines, the perfect position of the gaps segregating the inks
inside the spaces outlined by the graphic artist, the quality of the work of art
presented in the notes and the filigrees applied in the arts are clear
outstanding indicative elements to be a "security" document.
The evidences lead us to conclude that these documents were printed by the
“carving” method, also known as "Chalcographic". This method favors dense
and symmetrically perfect reliefs. This technique of printing, was only
possible to be produced by traditional graphic printing companies such as
“Thomas de La Rue“, “American Bank Note” or by government Mints among
others, owners of sophisticated and of high quality equipment, not easily
found and acquired, even nowadays.
These notes were printed, by the “Superintendent of Documents U.S.

Government Bureau of Engraving and Printing, Washington D.C. 20402, the
printing house of the Government of the United States. Still with reference to
printing, special distinction must be given about the allegories composing
the applied art graphics of these notes. This set of graphic art demonstrates
excessively the high quality of the art hard-working graphics, which they can
only be produced by "intaglio" method to reproduce in such high definition
and perfectly the filigrees of passive security of the pieces under analysis.
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Hereunder, we can see segregation of the superior part of one of the notes.
Here it is possible to admire the excellence of the graphic art in this note of
1934. One can notice therefore the numismatic concern of the artist when
creating it. One can see the vignette richly applied on embroiders fashion,
printed in dark grey color. The main figure of the notes is the image of the
ex-president “Grover Cleveland” having as the background the supporting
paper itself on which micro letters are applied as filigrees in the chess form.
Fig.01
Segregation of the superior part of one of the policies
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The printing of the graphic art containing the tender and the "coins" applied
equally on four corners of the notes would only have sufficient graphic
resolution when printed by the “carving” process. Besides, the utilization of
paints, and of colors of security provide to these notes an intrinsic quality,
maintaining a degree of complexity in the tender and filigrees making it easy
to identify any possible fraud. One of the countless details to stand out and
to high definition of the seal of the American Treasure printed in red.
Another detail of equal importance is the printing of the serial number, with
high definition, spacing and in the same color of the seal.
Fig.02
Figures and “tenor” on the four edges of the notes
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Segregation amplified of part of the filigree applied on the face of the

questioned note. The checkered lines, after a close verification they show the
expression: Federal Reserve Bond. The expression and applied in micro-
block letters in a continuing pattern. The quality of the printing is excellent.
Fig.03
Magnifying of the filigrees on the bottom plan
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Segregation amplified of part of the inferior part on the right side of the
questioned note. It is noticed the perfection of the filigrees applied in the
bottom plan of the same, when were produced manually with chisel by the
craftsman. Printed details with excellence thanks to the chalcographic
system applied on the printing in analysis.
Fig.04
Details of the inferior part on the right side of he questioned note
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Enlarged segregation of part of the central part of the questioned

note where it was reproduced the photo of ex-president Grover
Cleveland.
Fig.05
Magnifying of the central graphic art
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Segregation macro-digitalized of part of the left side of the questioned note.

Note the perfection of the filigrees applied on the edges of the same, when
the chisel and chisel were produced manually by the craftsman. Detail of the
passage of the principal art defining correspondence with the matrix worked
in other series and registering the excellent quality of the "intaglio". Notice
the excellent definition of applying of the serial number printed in red,
following the same color of the seal of the Federal Reserve. In second plan it
is possible to see the application of the filigrees, applied in micro letters, on
the plan of bottom.
Fig.06
Details of the left side of the questioned note.
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Segregation macro-digitalized obtained from the interest coupons of the

notes. It is a theme to be admired where simple graphics done with the
finality to be preserving the chronologic sequence the note. We cannot see
here, the same numismatic preoccupation devoted to the main bond.
Nevertheless, the central note was produced in high graphic resolution for
protection of the same and therefore printed by the chalcographic process.
Fig.07
Interests coupon detail of the questioned note
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About Signatures
This query has the objective to answer the doubts on the next points:
a) Were all the seals hand deposited by its authors?

b) Are all authentic? Is there any sign of fraud or violation on same?
The questioned notes bring two signatures, each, as follows: the "facsimiles"
of the signatures of the “Treasurer of United States”, illegible, on the left side
while on the right side it brings that of the “Secretary of Treasury”, also
illegible, but we inferred what it seems to read “Henry Morgenthau Jr.”
This set of seals was digitally segregated, as above described, in order that
they are subsequently compared with other sets of seals, deposited on other
notes. Therefore, we want to demonstrate that these sets of signatures were
quite common in these notes. The set of seals in question was already
previously under analysis and therefore, well known to the expert.
The analysis of the seals, done by microscope and magnifying glasses

confirms that they were deposited by means of “off-set” stamps on the notes
in question.
Confronting with the reproduced paradigms of our database and in the

already quoted publications, moreover in confrontation with other notes
already analysed by this expert, these seals present enough similarities and
convergences and special printing traces.
Therefore, our conclusion is that the seals were applied by off-set stamps by
the graphic house that printed them. They are, without any doubts
authentic, as we´ll demonstrate.
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Below, one can see several digital segregations of the seals appearing on the
notes under analysis. The facsimiles of the signatures of “Henry Morgenthau
Jr.”, appears frequently in most of the notes of the series. Both signatures
are facsimiles. Therefore, we do not consider this as an important security
key. However it is important to notice that they match the original registers.
Fig.08
Details of the group of seals of the questioned note
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________________________________________________
PARADIGM
OF THE
SIGNATURES
________________________________________________
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PARADIGM OF THE SIGNATURES

Digital segregation of the seals of another note that serves of paradigm of the
signatures of “ “, which has probably secured their thousands along the time
acting like Secretary of the Treasury of the federal American government.
The reproduction down contains the facsimile of his signature. The oxidation
of the paints of the autographs of both corroborates our assertion of which
they are authentic and deposited there more than 35 years on the support
paper.
Illegible Henry Morganthau

Fig.09
Signature Paradigm
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About the Supporting paper
The referred policy paper analyzing was made with the purpose of
identifying its origin, provenience, quality and eventual filigrees to
identify the origin. For such purpose the expert has used planed
magnified glass, stereoscopic microscopy, emerging shallow and
“Wood” light, besides a chemical test to determine and evaluate
its components.
• The emerging light (by transparency) revealed that the

supporting paper does not bear any “watermark” inserted
and applied over all the supporting paper mass;
• The light test of “Wood” presented violet brown luminescence

(indicating the presence of cotton fibers in the composition
of the paper) and gold luminescence (indicating the presence
of stain and fungus over the paper mass), being this
(possibly) an indication of the life time of the paper and also
as a resulting from the filing of the policy.
• The chemical and microscopic analysis performed in the

paper revealed that the same has good fiber texture and
good gram weight being its composition made of wood of
short fibers, which are a particular characteristic of security
papers, once such constitution allows better resistance to
handling.
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Picture: IPT – USP

The above picture is a clipping cut out of one of the notes. Its content was
enlarged 100 times. This allow us to identify the paper composition
The support paper, meantime, presents itself yellowed and dried up shears which
is an action of the time and for the consequent loss of structural moisture,
showing as a consequence of that and for the nature of the paper there are cracks
on the surface. It is further noticed microscopic rust and stain points lightly
brown as a resulting from sulfuric acid on account of the paper aging process and
of fungus. The paper has good gram weight and good fibrous texture (being the
base composed of coniferous wood long fibers. These are the most important
elements in the composition of the support paper. Even though it is not possible
to qualify it “strictu sensu” as a sort of security paper in our days, being,
meantime, a compatible paper with that in use in the time for the printing of
these notes.
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ABOUT THE BOX
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Hereunder a picture of inferior left corner of the box number where the 250
bonds are accommodated. Here, one can see the box number 05122253.
Fig.10
Box number 05122253
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Picture shot of the superior left corner of the box where we can read the
following No. SN: C 05122260A
Fig.11
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Picture shot of the right side of the box. One can read the following number
SC: 1114-22
Fig.12
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Picture of the inferior right corner where we can read the

following: “ PADLOCK NO. 11-09”.
Fig.13
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Expert Conclusion
The research results about all the points analyzed on the supporting
paper, printing, aging or seals veracity have responded positively
regarding the documental originality. We conclude, therefore, that
these TITLE OF PUBLIC DEBT OF THE UNITED STATES OF
AMERICA, called “FEDERAL RESERVE NOTES OF 1934” to be
AUTHENTIC.
The present report was produced in one copy of equal content, being
the original policies described at the beginning of this report being
marked in indelible ink by the reporter who signs this present report.
São Paulo, March 06, 2013.
_____________________________
Humberto Medeiros de Moraes
EXPERT
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Verse of the policy

21,5 cm
28cm
21,5 cm
Fig.13
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HUMBERTO MEDEIROS DE MORAES

Subjects under analysis

Listing of the Bonds under Analysis.............................. 05

Comparative Graphic Standards ................................ 07

Analysis conclusion ..................................................... 08

About the signatures

About the supporting paper

Expertise Conclusion ............................................... 27

SUBJECT UNDER ANALISYS

TITLE OF PUBLIC DEBT OF THE UNITED STATES OF AMERICA, called

Bond No. Issued Date Value Serial Nº.

According to the BANK DEPOSIT CERTIFICATE these bonds, aside of being

b) the questioned notes have as the central art an artistic reproduction of

Comparative Graphic Standards

Research Methodology Applied

The paradigms of the graphic standards and relative signatures on the

About the Supporting Paper

After thorough verification by microscope and magnifying glasses it was

These notes were printed, by the “Superintendent of Documents U.S.

Segregation amplified of part of the filigree applied on the face of the

Enlarged segregation of part of the central part of the questioned

Segregation macro-digitalized of part of the left side of the questioned note.

Segregation macro-digitalized obtained from the interest coupons of the

a) Were all the seals hand deposited by its authors?

The analysis of the seals, done by microscope and magnifying glasses

Confronting with the reproduced paradigms of our database and in the

PARADIGM OF THE SIGNATURES

Illegible Henry Morganthau

About the Supporting paper

• The emerging light (by transparency) revealed that the

• The light test of “Wood” presented violet brown luminescence

• The chemical and microscopic analysis performed in the

Picture: IPT – USP

ABOUT THE BOX

Picture of the inferior right corner where we can read the

Verse of the policy

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