Currency > U.S Large (1861-1923)

With the start of the Civil War in April 1861, the Union was in dire need of financing.  The Treasury reserves had been at a low point before the conflict, now the situation worsened.  By 1862, with the outcome of the war in doubt, people began to hoard gold, silver, and copper coins. To raise cash and fill the need for circulating money, Treasury created a new class of notes called Legal Tender Notes.  These were not redeemable in coins but instead exchangeable in payment for certain debts. This paper money, with no real backing, traded at a discount in relation to gold, silver, and copper coins of about 50 cents on the dollar.  By the 1870’s with the financial crisis over, the Treasury began producing some notes backed by silver and gold coins, which gave more confidence to the public of the value of paper currency.

Item: 1862 $1 U.S. Legal Tender Note (F-16)
Ranking: #31 of 100 Greatest American Currency Notes
Estimated Number Known: 3,000 to 5,000
Links to Full Size Images: Obverse / Reverse

 $1 U.S. Legal Tender Note dated 1862

Noteworthy:

  1. This was the first Federal $1 bill.
  2. The bright green back popularized the term “Greenback”.
  3. The highlighted 1 in the center denotes the $1 denomination.
  4. The 2 in the center was highlighted on the $2 bill.
  5. The 3 was never used, as the $3 bill was planned but never made.
  6. The portrait was Salmon Chase, Treasury Secretary under Lincoln.
  7. Chase is considered the father of Federal paper currency.

Item: 1862 $1 “Rainbow” Treasury Note (F-18)
Ranking: #41 of 100 Greatest American Currency Notes
Estimated Number Known: 2,000 to 3,000 (Rainbow Series)
Links to Full Size Images: Obverse / Reverse

 $1 U.S. “Rainbow” Treasury Note dated 1869

Noteworthy:

  1. First and only year (1869) of rainbow colors on Federal Currency.
  2. First appearance of George Washington on any Federal $1 Bill.
  3. First appearance of Christopher Columbus making sight of land graphic.
  4. The basic underlying design was used for Treasury Notes until 1917.
  5. Back displays an intricate intertwined US and the penalties for counterfeiting.

Item: 1896 $1 “Educational” Silver Certificate (F-224)
Ranking: #7 of 100 Greatest American Currency Notes
Estimated Number Known: 7,000 to 9,000
Links to Full Size Images: Obverse / Reverse

 $1 U.S. “Rainbow” Treasury Note dated 1869

Noteworthy:

  1. Considered one of the most beautiful American Currency Notes of all time.
  2. The bill vignette was named “History Instructing Youth”.
  3. Goddess of History and pupil are positioned at Lee Mansion across the Potomac.
  4. Bankers hated this issue as bills became smudgy and suspicious with little use.
  5. Border includes the names of 23 prominent Americans.
  6. Bills sold for a 10¢ premium to collectors in 1896.
  7. Silver Certificates of the 1890’s were backed by a vast store of Morgan Silver Dollars.

Item: 1899 $1 “Black Eagle” Silver Certificate (F-233)
Ranking: #16 of 100 Greatest American Currency Notes
Estimated Number Known: 20,000 to 30,000
Links to Full Size Images: Obverse / Reverse

 $1 “Black Eagle” Silver Certificate dated 1899

Noteworthy:

  1. Widely used and popular in the early 20th century.
  2. Two micro portholes show Lincoln and Grant, the heros of the Civil War.
  3. “Eagle of the Capital” image was created in 1876 by the Treasury Department.
  4. The 1899 series ended the short & controversial run of the 1896 Educational Notes.
  5. Silver Certificates of the 1890’s were backed by a vast store of Morgan Silver Dollars.

Item: 1899 $2 “Mini Porthole” Silver Certificate (F-258)
Ranking: #67 of 100 Greatest American Currency Notes
Estimated Number Known: 2,500 to 4,000
Links to Full Size Images: Obverse / Reverse

$2 “Mini Porthole” Silver Certificate dated 1899

Noteworthy:

  1. Washington is flanked by allegorical figures of Mechanics and Agriculture.
  2. Draping on allegorical figures is overprinted in blue ink.
  3. The 1899 Series is one of the most popular and widely collected.
  4. Silver Certificates of the 1890’s were backed by a vast store of Morgan Silver Dollars.

Item: 1907 $10 “Michael Hillegas” Gold Certificate (F-1171)
Ranking: #98 of 100 Greatest American Currency Notes
Estimated Number Known: 3,000 to 4,000 (1907 & 1922 series combined)
Links to Full Size Images: Obverse / Reverse

$10 “Michael Hillegas” Gold Certificate dated 1907

Noteworthy:

  1. The 1907 series is about four times rarer than the 1922 series.
  2. The 1907 series has a “naked” ornate gold roman numeral X on the front.
  3. Reverse is bright orange and includes the Great Seal with a scalloped border.
  4. Notes were backed by a vast store of Ten Dollar Liberty Gold Coins.
  5. Portrait is Michael Hillegas, U.S. Treasurer in the 1770’s.
  6. In the 1890’s Hillegas’s descendents campaigned for his honoring on currency.
  7. Hillegas, was such an obscure historical figure, then as now, that he was identified in small print under his name “First Treasurer of the U.S.”.