American Bank Note Company and Its Predecessor Companies

by Terry Cox

The American Bank Note Company was the world’s foremost engraver and printer of bank notes and securities. Engraving company names are recorded for only about half of the certificates in the database. Of that number, the ABNCo imprint appears on 45% of the certificates and imprints from predecessor companies account for an additional 15%. Assuming that percentage holds up as more information develops, the American Bank Note Company and its ancestors will eventually account for 60% of all railroad-related certificates.

The huge American Bank Note Company was formed from an association of seven competing companies in 1858. Because it employed the finest engravers, the images that ABNCo offered were of the highest and most durable quality. It created thousands of classic images after 1858, but continued to use images from all its ancestral companies. That is why you will find identical vignettes on many diffferent certificates with different engraving company imprints.

Unfortunately for the company, paper stock and bond certificates were eventually supplanted by electronic trading. By the 1990s, all but a tiny percentage of security ownership had become a matter of electronic record. By 1999, the amount of global security and bank note printing had dropped so precipitously that the company ultimately had to declare Chapter 11 bankruptcy.

Here is a complete list of all the predecessor companies, that I currently know of, that ultimately became part of American Bank Note Company. Please contact me if you have evidence of additional predecessor or related companies that I have missed. (Most information presented here comes from The Story of the American Bank Note Company by William H. Griffiths, 1959.)

American Bank Note Co. (known as the “Association” period) formed in 1858 by the merger of seven companies Rawdon, Wright, Hatch & Edson (23.9% share) Toppan, Carpenter & Co. (22.4% share) Danforth, Perkins & Co. (21.8% share) Bald, Cousland & Co. (13.3% share) Jocelyn, Draper, Welsh & Co. (8.4% share) Wellstood, Hay & Whiting (8.2% share) John E. Gavit (2% share) merged with the National Bank Note Co. and the Continental Bank Note Co. in 1879 to form the American Bank Note Co. (the “Consolidation”)

American Bank Note Co. (known as the “Consolidation” period) formed in 1879 by consolidation of American Bank Note Co. National Bank Note Co. Continental Bank Note Co. merged with United Bank Note Corp. in 1911 and continued to operate as American Bank Note Co. later, became a subsidiary of United States Banknote Corporation, a holding company later changed its name to American Banknote Corporation spun off American Bank Note Holographics Co. in 1998 filed for Chapter 11 bankruptcy protection in 1999 currently reporting to SEC as American Banknote Corporation (ABNK.PK)

Bald, Cousland & Co. formed in 1853 from part of Danforth, Bald & Co. associated with six other companies: Danforth, Perkins & Co. Toppan, Carpenter & Co. Jocelyn, Draper, Welsh & Co. John E. Gavit Rawdon, Wright, Hatch & Edson Wellstood, Hay & Whiting to form the American Bank Note Co. in 1858 (13.3% share)

Henry Bradbury formed engraving business in 1856 became Bradbury, Wilkinson & Co. Ltd. in 1890

Bradbury, Wilkinson & Co. Ltd. formed in 1890 from Henry Bradbury bought by American Bank Note Co. in 1903 operated as independent subsidiary

Canadian Bank Note Co. Ltd formed in 1896 as Canadian Division of American Bank Note Co. incorporated as separate subsidiary in 1922

Charles Toppan & Co. formed in 1834 from private Charles Toppan engraving business merged with individuals from Draper, Underwood, Bald, Spencer & Hufty to form Draper, Toppan, Longacre & Co. in 1837

Continental Bank Note Co. formed in 1863 merged with American Bank Note Co. (the “Association”) and the National Bank Note Co. to form the consolidated American Bank Note Co. in 1879

Danforth, Bald & Co. formed in 1850 from Danforth & Hufty part became Danforth Wright & Co. in 1853 part became Bald, Cousland & Co.in 1853

Danforth, Bald, Spencer & Hufty formed in 1843 from Danforth, Underwood & Co. became Danforth, Spencer & Hufty in 1844

Danforth & Hufty formed in 1847 from Danforth, Spencer & Hufty became Danforth, Bald & Co. in 1850

Danforth, Perkins & Co. formed in 1858 from Danforth, Wright & Co. associated with six other companies: Bald, Cousland & Co. Toppan, Carpenter & Co. Jocelyn, Draper, Welsh & Co. John E. Gavit Rawdon, Wright, Hatch & Edson Wellstood, Hay & Whiting to form the American Bank Note Co. in 1858 (21.8% share)

Danforth, Spencer & Hufty formed in 1844 from Danforth, Bald, Spencer & Hufty became Danforth & Hufty in 1847

Danforth, Underwood & Co. formed in 1839 from Underwood, Bald, Spencer & Hufty became Danforth, Bald, Spencer & Hufty in 1843

Danforth Wright & Co. formed in 1853 from part of Danforth, Bald & Co. part became Danforth, Perkins & Co. in 1858 part became National Bank Note Co. in 1859

Draper & Co. formed in 1845 from part of Draper, Toppan & Co. merged with Charles E. Welsh and Jocelyn & Purcell to form Draper, Welsh & Co. in 1851

Draper, Toppan & Co. formed in 1840 from Draper, Toppan, Longacre & Co. some members became Toppan, Carpenter & Co. in 1845 some members became Draper & Co. in 1845

Draper, Toppan, Longacre & Co. formed in 1837 from members of Draper, Underwood, Bald, Spencer & Hufty and Charles Toppan & Co. became Draper, Toppan & Co. in 1840

Draper, Underwood & Co. formed in 1828 from Fairman, Draper, Underwood & Co. became Draper, Underwood, Bald & Spencer in 1833

Draper, Underwood, Bald & Spencer formed in 1833 from Draper, Underwood & Co. became Draper, Underwood, Bald, Spencer & Hufty in 1835

Draper, Underwood, Bald, Spencer & Hufty formed in 1835 from Draper, Underwood, Bald & Spencer some members became Underwood, Bald, Spencer & Co. in 1837 some members became Draper, Toppan, Longacre & Co. (with Charles Toppan from Charles Toppan & Co) in 1837

Draper, Welsh & Co. formed in 1851 from merger of Draper & Co., Charles E. Welsh and Jocelyn & Purcell became Jocelyn, Draper, Welsh & Co. in 1854

Edmunds, Jones & Smillie formed in 1858 by association with Alfred Jones associated with American Bank Note Co. in 1859

Fairman, Draper, Underwood & Co. formed in 1823 from Murray, Draper, Fairman & Co. became Draper, Underwood & Co. in 1828

Franklin Bank Note Co. also known as Franklin Engraving & Printing formed in 1877 acquired by American Bank Note Co. 1880-1885 merged with Homer Lee Bank Note Co. to form Franklin-Lee Bank Note Co. in 1897

Franklin-Lee Bank Note Co. formed as an American Bank Note Co. subsidiary in 1897 by merger of Franklin Bank Note Co. and Homer Lee Bank Note Co. became Franklin-Lee Division of American Bank Note Co. in 1904

John E. Gavit formed in 1845 from John E. Gavit & Co. became Gavit & Duthie in 1849

John E. Gavit formed in 1851 from Gavit & Duthie associated with six other companies: Danforth, Perkins & Co. Bald, Cousland & Co. Toppan, Carpenter & Co. Jocelyn, Draper, Welsh & Co. Rawdon, Wright, Hatch & Edson Wellstood, Hay & Whiting to form the American Bank Note Co. in 1858 (2% share)

Gavit & Duthie formed in 1849 from John E. Gavit became John E. Gavit in 1851

Hall, Packard & Cushman formed in 1839 became Packard, Gavit & Co. in 1840

Hartford Graphic Bank Note Engraving Co. formed in 1817 became Jocelyn, Darling & Co. in 1831

Homer Lee Bank Note Co. formed prior to 1891 acquired by American Bank Note Co. in 1891 merged with Franklin Bank Note Co. to form Franklin-Lee Bank Note Co. in 1897

International Bank Note Co. formed in 1878 bought by American Bank Note Co. in 1902 which continued to operate Manhattan facility until 1911

Jocelyn, Darling & Co. formed in 1831 from Hartford Graphic Bank Note Engraving Co. became N. & S.S. Jocelyn in 1834

Jocelyn, Draper, Welsh & Co. formed in 1854 from Draper, Welsh & Co. associated with six other companies: Danforth, Perkins & Co. Bald, Cousland & Co. Toppan, Carpenter & Co. John E. Gavit Rawdon, Wright, Hatch & Edson Wellstood, Hay & Whiting to form the American Bank Note Co. in 1858 (8.4% share)

Jocelyn & Purcell formed in 1850 from N. & S.S. Jocelyn merged with Draper & Co. and Charles E. Welsh to form Draper, Welsh & Co. in 1851

John E. Gavit & Co. formed in 1843 from Packard, Gavit & Co. became John E. Gavit in 1845

Alfred Jones started engraving business in 1841 merged with Edmunds & Smillie to form Edmunds, Jones & Smillie in 1858

Murray, Draper, Fairman & Co. formed in 1810 from Robert Scot’s business became Fairman, Draper, Underwood & Co. in 1823

National Bank Note Co. formed in 1859 by some previous members of Danforth, Wright & Co. merged with American Bank Note Co. (the “Association”) and the Continental Bank Note Co. to form the consolidated American Bank Note Co. in 1879

New England Bank Note Co. formed in 1833 merged with Rawdon, Wright, Hatch & Edson in 1847

N. & S.S. Jocelyn formed in 1834 from Jocelyn, Darling & Co. became Jocelyn & Purcell in 1850

Packard, Gavit & Co. formed in 1840 from Hall, Packard & Cushman became John E. Gavit & Co. in 1843

Ralph Rawdon formed engraving business in 1816 became Rawdon, Balch & Co. in 1818

Rawdon, Balch & Co. formed in 1818 from Ralph Rawdon business became Rawdon, Clark & Co. in 1823

Rawdon, Clark & Co. formed in 1823 from Rawdon, Balch & Co. became Rawdon, Wright & Co. in 1828

Rawdon, Wright & Co. formed in 1828 from Rawdon, Clark & Co. became Rawdon, Wright & Hatch in 1832

Rawdon, Wright & Hatch formed in 1832 from Rawdon, Wright & Co. became Rawdon, Wright, Hatch & Edson in 1847

Rawdon, Wright, Hatch & Edson formed in 1847 from Rawdon, Wright & Hatch merged with New England Bank Note Co. associated with six other companies: Danforth, Perkins & Co. Bald, Cousland & Co. Toppan, Carpenter & Co. John E. Gavit Jocelyn, Draper, Welsh & Co. Wellstood, Hay & Whiting to form the American Bank Note Co. in 1858 (23.9% share)

Robert Scot formed bank note engraving business in 1795 became Murray, Draper, Fairman & Co. in 1810

Southern Bank Note Co unofficial subsidiary of American Bank Note Co. seemingly formed in 1861 after the beginning of the Civil War equipment seized by Confederate forces in 1862

Toppan, Carpenter & Co. formed in 1845 from part of Draper, Toppan & Co. became Toppan, Carpenter, Casalear & Co. in 1850

Toppan, Carpenter & Co. formed in 1857 from Toppan, Carpenter, Casalear & Co. associated with six other companies: Danforth, Perkins & Co. Bald, Cousland & Co. Rawdon, Wright, Hatch & Edson John E. Gavit Jocelyn, Draper, Welsh & Co. Wellstood, Hay & Whiting to form the American Bank Note Co. in 1858 (22.4% share) part of business continued to operate as Toppan, Carpenter & Co. after association

Toppan, Carpenter, Casalear & Co. formed in 1850 from Toppan, Carpenter & Co. became Toppan, Carpenter & Co. in 1857

Charles Toppan formed engraving business in 1829 became Charles Toppan & Co. in 1834

Underwood, Bald, Spencer & Co. formed in 1837 from members of Draper, Underwood, Bald, Spencer & Hufty became Underwood, Bald, Spencer & Hufty in 1838

Underwood, Bald, Spencer & Hufty formed in 1838 from Underwood, Bald, Spencer & Co. became Danforth, Underwood & Co. in 1839

United Bank Note Corporation formed in 1906 as a holding company to acquire stock of American Bank Note Co. companies merged in 1911 later changed name to United Banknote Corporation

Charles E. Welsh started engraving business in 1841 merged with Draper & Co. and Jocelyn & Purcell to form Draper, Welsh & Co. in 1851

Wellstood, Benson & Hanks formed in 1848 became Wellstood, Hanks, Hay & Whiting in 1852

Wellstood, Hanks, Hay & Whiting formed in 1852 from Wellstood, Benson & Hanks became Wellstood, Hay & Whiting in 1855

Wellstood, Hay & Whiting formed in 1855 from Wellstood, Hanks, Hay & Whiting associated with six other companies: Danforth, Perkins & Co. Bald, Cousland & Co. Rawdon, Wright, Hatch & Edson John E. Gavit Jocelyn, Draper, Welsh & Co. Toppan, Carpenter & Co. to form the American Bank Note Co. in 1858 (8.2% share)

Western Bank Note Co. formed in 1865 bought by American Bank Note Co. in 1901 operated as subsidiary until 1911 operated as Western Division of American Bank Note Co. after 1911