Large-Size US Notes (Before 1929)

Why large notes are a different world

With small-size money you hunt for stars and serials. With large-size money the type itself carries the interest. Each type was issued under a different law and backed by something different: government credit, silver dollars in the Treasury, gold coin or bonds held by a national bank. The designs changed often and many were striking, so collectors build sets by type and design.

They also exist in far smaller numbers than modern money. Most large notes were redeemed and destroyed when the small notes arrived, so the survivors are what you find in old wallets, family Bibles and safe deposit boxes.

The main types and how to tell them apart

Read the top of the face. Each type names itself. The seal color helps confirm it.

• United States notes (legal tender notes): first issued in 1862. Usually red seals. Look for "United States Note" or "Legal Tender" wording. The 1901 $10 with a bison and the 1917 $1 are familiar examples.
• Silver certificates: first issued in 1878, promising silver dollars on demand. Blue seals are common on later issues. The 1923 $1 is the most common large note of all.
• Gold certificates: payable in gold coin, with bright orange-gold backs on most issues. Holding them was restricted in 1933. The rules were relaxed in 1964.
• National bank notes: issued by thousands of local national banks, with the bank's name, town and charter number on the face. See the page on national bank notes.
• Federal Reserve notes: Series 1914 and 1918, with red or blue seals and the name of one of the twelve Federal Reserve Banks.
• Federal Reserve Bank notes: Series 1915 and 1918, with blue seals, issued by individual Reserve Banks. The 1918 $2 is called the "Battleship" note for the ship on its back.
• Treasury or coin notes: Series 1890 and 1891, scarcer and popular with type collectors.

The 1896 Educational series

The Series 1896 silver certificates are often called the most beautiful American paper money. Only three denominations were made, each with an allegorical scene. The $1 shows "History Instructing Youth," with a view of Washington, D.C., behind. The $2 shows "Science Presenting Steam and Electricity to Commerce and Manufacture." The $5 shows "Electricity as the Dominant Force in the World."

Higher denominations were planned but never finished. The series was replaced by the Series 1899 notes after a short run. Educational notes are in strong demand in every grade. Even worn ones sit firmly in the collector premium band. Well-preserved examples reach significant rarity. They are also heavily reproduced, so read the page on replicas before getting excited.

Other nicknames you will hear

• "Black Eagle": the Series 1899 $1 silver certificate, with a spread eagle above small portraits of Lincoln and Grant.
• "Indian Chief": the Series 1899 $5 silver certificate, with a portrait of the Lakota chief Running Antelope.
• "Martha Washington": the $1 silver certificates of Series 1886 and 1891, notes with her portrait on the face.
• "Bison": the Series 1901 $10 United States note.
• "Technicolor": the Series 1905 $20 gold certificate, with gold, red and other colors on the face.
• "Battleship": the Series 1918 $2 Federal Reserve Bank note.

Signatures and catalog numbers

Most large notes carry the printed signatures of the Register of the Treasury and the Treasurer of the United States. Federal Reserve notes carry the Treasurer and the Secretary of the Treasury instead. The same design can exist with several signature pairs and seal styles. Some combinations are much scarcer than others.

Collectors and dealers identify each combination by its Friedberg number, from the standard reference book on US paper money. If you ask a dealer about a large note, giving the type, series, denomination, both signatures and seal color will get you a much better answer than a photo of the front alone.

Condition on old notes

Large notes saw hard use, so most survivors show folds, soiling and soft paper. Collectors accept more wear here than on small notes. A solid Fine note of a popular type is a perfectly good collectible. Problems still count, though. Tears, missing corners, heavy stains and tape all cut desirability. So does trimming, which was sometimes done to tidy up ragged edges.

If you just found one

Don't clean, flatten or repair it. Put it in a polyester sleeve or a clean envelope and keep it flat. Note the series, signatures and seal color, then compare it with a reference or show it to a currency dealer. Because almost every large note carries some premium, this is the one kind of old money where it always pays to get an opinion before you spend it.

Frequently asked questions