Stack’s Bowers Galleries will present the Bay of Bengal Collection of Rare Ceylon Paper Money in its. This remarkable offering brings together some of the most important and elusive banknotes from Ceylon (modern-day Sri Lanka). Collectors have not seen many of these notes in public for decades.

A Landmark Offering of Ceylon Paper Money

The Bay of Bengal Collection includes iconic issues spanning multiple eras. Notably, the collection has remained privately held for an extended period. As a result, many pieces will appear at auction for the first time in generations.

According to Aris Maragoudakis, Director of World Paper at Stack’s Bowers Galleries, the firm recognizes the importance of this offering.

“We take great responsibility in presenting these notes,” Maragoudakis said. “Collectors rarely encounter treasures like the 1947 10,000 Rupees. In fact, many have never seen one in person. Now, they have an opportunity to acquire it.”

Highlights Include the Famous 1947 10,000 Rupees

The collection’s centerpiece is the 1947 10,000 Rupees note, one of the most famous and rarely encountered issues in Ceylon paper money.

However, the offering does not stop there. Several additional rarities strengthen the lineup:

• Two 1941 1,000 Rupees notes
• One true specimen
• One example with CNP stamping in the watermark panel
• 1918 1,000 Rupees specimen
• 1934 1,000 Rupees specimen
• 1891 50 Rupees specimen
• 1936 50 Rupees specimen

Together, these notes form a comprehensive and historically significant group that will attract serious collectors of world paper money.

Featured Within a Premier International Auction

Stack’s Bowers Galleries will offer the Bay of Bengal Collection during its May 2026 Maastricht Auction, held in conjunction with the MIF Paper Money Fair.

Importantly, this event will also showcase several major collections, including:

• The Olive Sprig Collection of Palestine Paper Money
• The William J. Pardee Collection
• The Tiber Collection
• The My Canh Collection of French Indochina Paper Money

As a result, the Maastricht sale will stand as one of the most important world paper money auctions of the year.

How to Learn More or Consign

Collectors who want additional details about the Bay of Bengal Collection or the May 2026 Maastricht Auction can contact Aris Maragoudakis, Director of World Paper, at Aris@StacksBowers.com.

Alternatively, visit StacksBowers.com to explore auction information or discuss consignment opportunities for future world paper money sales.

The post Stack’s Bowers Galleries Unveils Bay of Bengal Collection Featuring Legendary Ceylon Banknotes appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Stack’s Bowers Galleries will present the Olive Sprig Collection of Palestine Mandate paper money at its Spring 2026 Maastricht Auction, scheduled for early May immediately following the MIF World Paper Money Show.

The offering includes 63 notes issued between 1927 and 1945, representing a near-complete set of circulating paper money from the Palestine Mandate period. Collectors and specialists expect the group to realize more than $1 million at the final lot’s close.

Over decades, the collection’s builder pursued a clear goal. He sought to assemble one of the most complete holdings possible, not only by issue and denomination, but also by prefix, a detail that many collectors overlook.

“This is perhaps the most complete collection of Palestine Mandate notes ever to come to auction,” said Aris Maragoudakis, Director of World Currency Auctions at Stack’s Bowers Galleries. “Of the four prefixes not represented in the collection, only the 1944 1 pounder with the C/1 prefix is not one of the very rare and expensive 50 or 100 pound notes. This feat of completeness would be next to impossible to repeat today.”

A Collection Built on Quality, Completeness, and Historical Importance

Every note in the Olive Sprig Collection carries Professional Money Guaranty (PMG) certification. The collector selected each piece with careful attention to quality, eye appeal, variety, and historical significance.

As a result, the group combines technical completeness with impressive preservation. More than a third of the notes carry the coveted Exceptional Paper Quality (EPQ) designation.

“Of the 63 notes in the collection, more than a third, 22 notes, are graded EPQ,” Maragoudakis noted. “This is an unprecedented concentration of EPQ notes in a collection whose focus goes beyond just grade into the realm of technical completeness by prefix.”

The nickname “Olive Sprig Collection” reflects a symbol long associated with the olive-growing landscapes of the region. The name also references the olive sprig watermark that appears on all Palestine Mandate notes.

Issued during a period of profound political and economic change in the Middle East, these notes remain among the most widely collected issues of Middle Eastern paper money today.

Rare and Important Notes Highlight the Offering

Several standout rarities anchor the collection.

Among them sits a Prefix A 1927 100 Pound note, one of the most coveted issues in the series. The note surfaced under extraordinary circumstances. A donor unknowingly buried it within a contribution to an Oxfam branch store in eastern England. Today, researchers recognize the piece as just the fourth known example in private hands.

The auction will also feature two extremely rare 50 Pound notes from 1927 and 1929. These notes originally appeared at Sotheby’s as part of the renowned Arnold H. Kagan Collection, one of the most important holdings of Palestine currency ever assembled.

Condition rarities also appear throughout the collection, including:

• A 500 Mils graded PMG 65 EPQ, tied for finest certified
• A 1 Pound graded PMG 55 EPQ
• A 5 Pound graded PMG 45 EPQ, among the finest known
• A 10 Pound graded PMG 25

Each of these notes carries the A prefix and the 1927 date, a combination that specialists prize.

Together with other rare prefixes and high-grade examples, these pieces create one of the most technically complete offerings of Palestine Mandate currency ever presented at public auction.

Auction Details and Additional Information

Stack’s Bowers Galleries will present the Olive Sprig Collection during its Spring 2026 Maastricht Auction, scheduled to take place in early May 2026 immediately after the MIF World Paper Money Show.

Additional details about the offering will appear in the coming weeks.

Collectors seeking further information may contact:

Aris Maragoudakis
Director of World Paper Currency
Stack’s Bowers Galleries
Aris@StacksBowers.com

or

Vicken Yegparian
Executive Vice President
Stack’s Bowers Galleries
VYegparian@StacksBowers.com

The post Stack’s Bowers Galleries to Offer the Olive Sprig Collection of Palestine Mandate Paper Money appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

A 1928E $2 Legal Tender Star Note graded PMG Choice Uncirculated 64 EPQ will appear at auction when Stack’s Bowers Galleries presents its U.S. Currency Rarities Night sale on March 12.

At first glance, it may resemble a typical small-size $2 bill. Yet the note tells a far deeper story. Its rarity stems from a perfect storm of factors: a short-lived signature combination, replacement-note status, and exceptional preservation.

For advanced collectors, this piece represents far more than a denomination novelty. It stands among the most elusive survivors of its kind.

The Enduring Appeal of the $2 Note

The $2 note has always occupied a special place in American currency collecting.

Although millions entered circulation over the decades, the denomination never achieved the everyday familiarity of the $1 or $5 bill. As a result, collectors developed a lasting fascination with the note.

However, the importance of this example begins with its series.

The Series of 1928 introduced the first reduced-size U.S. paper money. The government adopted the smaller format to reduce printing costs and simplify handling. Consequently, the issue marked the beginning of the modern era of American currency.

Collectors today often seek high-grade examples from these early small-size issues.

A Signature Pairing That Barely Lasted a Year

The historical story behind this note centers on its signatures.

The note carries the engraved signature of Treasurer of the United States W.A. Julian, who served from 1933 to 1949. Julian’s tenure set a record for length of service. During those years, he worked with multiple Treasury Secretaries under two presidential administrations.

One of those officials was Fred M. Vinson of Kentucky.

President Harry S. Truman appointed Vinson as Secretary of the Treasury in 1945. Yet his time in the position proved brief. In 1946, Truman nominated Vinson to become Chief Justice of the United States.

The Senate confirmed the appointment. Vinson therefore joined a small group of Americans who served in all three branches of the federal government.

Because of this transition, the Julian–Vinson signature combination appeared on currency for less than a year, between 1945 and 1946.

Naturally, that short window limited the number of notes produced.

Replacement Star Notes Are Always Scarcer

This particular note becomes even more desirable because it is a replacement star note.

The Bureau of Engraving and Printing issued star notes only when it needed to replace defective sheets during production. These substitutes carried a star symbol in the serial number instead of a letter suffix.

Because of this process, replacement notes always exist in smaller quantities than regular issues.

The Series 1928E $2 Legal Tender Notes themselves are scarce. In fact, the entire printing represents only about 4.4% of the total number produced for the preceding Series 1928D.

Precise replacement totals remain unknown. Still, collectors understand that very few star notes emerged from such a limited production.

An Elite Survivor in Remarkable Condition

The rarity of this note becomes even clearer when examining population data.

According to Track & Price, only 32 examples appear in their database. Meanwhile, the PMG Population Report lists just 30 graded examples across all grades.

This particular note carries the grade PMG Choice Uncirculated 64 EPQ.

Even more remarkable, PMG reports only three notes at this level with none graded higher.

Auction records also tell a striking story. Only two examples at this grade have appeared publicly in the past twenty years.

In other words, collectors seldom receive an opportunity like this.

A Building Block for an Elite Collection

Serious currency collectors often search for notes that combine multiple layers of rarity.

This example delivers exactly that combination.

It features:

• The widely collected $2 denomination
• A first-generation small-size issue from 1928
• The short-lived Julian–Vinson signature pairing
• Replacement star note status
• Exceptional preservation

Taken together, these attributes create a note that few collectors will ever encounter in person.

When the hammer falls on March 12 at Stack’s Bowers Galleries, bidders will compete not simply for a $2 bill, but for one of the finest known survivors of a remarkable chapter in U.S. paper money history.

The post An Excessively Rare 1928E $2 Star Note Comes to Auction appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

In the mid-1970s, the United States celebrated 200 years of independence from Great Britain. As a result, the nation released a wide range of patriotic and numismatic items. Among them, one issue stands out: the Series 1976 $2 Federal Reserve Note.

Collectors recognize this note as the first $2 Federal Reserve Note (FRN). Moreover, it introduced the reverse design that remains in use today. Best of all, most examples remain accessible and affordable.

The Bicentennial and U.S. Currency Redesign

The Bicentennial inspired numerous numismatic releases.

First, the United States Mint began striking Bicentennial medals in 1972. Then, in 1973, President Richard M. Nixon signed legislation authorizing commemorative reverse designs for the quarter, half dollar, and dollar coin. The law also mandated the dual date “1776–1976” for coins struck in 1975 and 1976.

Today, collectors can still find Bicentennial coinage in circulation, although locating high-grade examples has become more difficult.

At the same time, officials approved a redesign of the $2 note. In late 1975, the Treasury authorized production of a new $2 Federal Reserve Note to coincide with the Bicentennial celebration.

Treasury Approval and Official Announcement

On November 3, 1975, Treasury Secretary William E. Simon announced that the Bureau of Engraving and Printing (BEP) would produce $2 Federal Reserve Notes for the first time.

Although the Bicentennial inspired the new design, the government did not classify the Series 1976 $2 note as a commemorative issue. The New York Times clarified this point on November 9, 1975:

“[T]he bill is not a ‘special’ Bicentennial‐year issue; it will continue on as a permanent part of the nation’s circulating paper currency.”

Therefore, the note entered circulation as a regular-issue Federal Reserve Note.

How the Series 1976 $2 Bill Differs from Earlier Issues

The Series 1976 note marked an important transition.

Previously, the government issued $2 notes in the 1960s as Legal Tender Notes. Those notes carried red Treasury seals and red serial numbers. Since the 1860s, the denomination had also appeared as National Bank Notes, Silver Certificates, Treasury Notes, and Federal Reserve Bank Notes.

However, the Series 1976 issue became the first $2 Federal Reserve Note. As expected, it featured a green Treasury seal and green serial numbers.

The obverse retained the familiar portrait of President Thomas Jefferson. In contrast, the reverse underwent a complete redesign.

The Declaration of Independence Reverse

The BEP replaced Jefferson’s Monticello with a vignette based on John Trumbull’s 1817 painting, Declaration of Independence. BEP engraver Peter Cocci adapted the artwork for the note.

Importantly, this marked the first appearance of the Trumbull design on the $2 denomination. However, it did not represent the painting’s debut on U.S. paper money. The image had previously appeared on the back of $100 National Bank Notes in 1863.

The reverse displays the denomination as numerals in each corner. Scrollwork frames the written denomination at the bottom. Additionally, the words “TWO DOLLARS” appear vertically on both sides of the central vignette.

Trumbull’s painting also appeared on Bicentennial commemorative postage stamps, issued in four sections.

Production Figures and Signatures

The Bureau of Engraving and Printing produced 590,720,000 Series 1976 $2 bills between 1976 and 1978.

Each note bears the signatures of:

• Treasury Secretary William E. Simon
• Treasurer of the United States Francine Irving Neff

Officials released the notes on April 13, 1976, Thomas Jefferson’s birthday.

Star Notes – Scarcity – Error Notes

Most Series 1976 $2 notes remain common. Nevertheless, certain varieties command attention.

The scarcest Star note in the series carries the Friedberg catalog number F-1935-J* (Fr. 1935-J*). Minneapolis Star notes also rank among the more elusive issues.

Collectors seek Star notes because the BEP used them as replacements for misprinted notes. Consequently, they appear in smaller quantities.

Public Reception and Circulation

Before release, some observers predicted strong commercial acceptance. An April 11, 1976, New York Times article projected that the $2 note could replace half of the $1 bills in circulation. Officials estimated annual printing savings between $4 million and $7 million.

However, widespread circulation never materialized. In fact, many Americans treated the denomination as unusual or even suspicious. Over the years, some retailers have questioned the legitimacy of $2 notes. In rare instances, authorities even arrested individuals attempting to spend them.

As a result, the denomination remains uncommon in daily commerce.

Stamped First-Day Issues: A Bicentennial Collectible

Release day created a unique collecting opportunity.

On April 13, 1976, many Americans brought newly issued $2 bills to local post offices. They affixed Bicentennial commemorative stamps directly to the notes. Then, postal clerks canceled the stamps with official postmarks.

This crossover collectible appeals to both notaphilists and philatelists. Although most stamped notes trade near face value, collectors sometimes pursue examples from specific hometowns or meaningful locations.

Art Friedberg, co-author of Paper Money of the United States (22nd edition, 2021), recalled strong demand at the time:

“It was different, it was collectible, people loved it. We made a lot of money.”

Robert Azpiazu, owner of First City Coins and Collectibles and author of Collector’s Guide to Modern Federal Reserve Notes: Series 1963–2009 (2011), noted:

“There are some cancellations that are very valuable but only to a small group of eclectic collectors.”

Appearances in U.S. Mint Products

The Series 1976 $2 note also appears in official U.S. Mint products. Notably, the 1994 Thomas Jefferson 250th Anniversary Coinage and Currency Set includes a Series 1976 $2 bill paired with a Satin Finish Jefferson Nickel.

Grading Population and Market Values

As of July 10, 2024, Paper Money Guaranty (PMG) reports 18,830 total grading events for Series 1976 $2 notes across all 12 Federal Reserve districts. Of those, 6,040 represent Star notes.

In today’s market:

• Circulated examples typically trade at or near face value.
• Uncirculated notes often sell for $3 to $4.
• Star notes command higher premiums.
• High-grade examples and collectible serial numbers bring stronger prices.

For example, Friedberg 1935-L with serial number 1 realized $21,150 at a Heritage auction on January 8, 2016. The note retained its original BEP brick label.

Why Collectors Still Pursue the Series 1976 $2 Bill

The Series 1976 $2 Federal Reserve Note holds lasting appeal.

• First, it represents the first $2 FRN in U.S. history.
• Second, it introduced the Declaration of Independence reverse that remains in use today.

Finally, collectors can acquire most examples for little more than face value.

Therefore, the Bicentennial $2 bill offers history, artistry, and affordability in one iconic American note.

The post The Bicentennial $2 Bill – First of a Kind appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

(Editor’s note: This article discusses and depicts historical language and imagery that some collectors may find offensive. We present it to preserve historical context and to document the scholarship that followed.)

On the eve of the 20th century, the United States placed a Native American portrait on the face of a $5 Silver Certificate. Collectors now call the note the “Chief” or “Indian Chief” note. Importantly, this issue marked the first time a Native American appeared as the central subject on American paper money.

Collectors have debated the identity of the man for more than a century. He appeared on the note as Ta-to’-ka-in’-yan-ka, commonly known as Running Antelope. That debate never faded. Auction prices and decades of commentary prove it.

In 1978, Coins magazine called the notes “the high point in US paper money design.”[1] Later, Coin World called the design “the most familiar image of a Native American on a piece of U.S. paper money.”[2] Heinz Tschachler, an Austrian professor of American Studies, described the portrait as “an icon of American nationalism.”[3]

Native Americans appeared on U.S. currency long before 1900. Still, the Series 1899 $5 Silver Certificate landed at the intersection of powerful forces in American history.

Early Collector Speculation and a Long-Running Misunderstanding

In 1967, the Society of Paper Money Collectors journal Paper Money published an article titled “A Tenderfoot Tracks Onepapa.” George Traylor wrote it. He speculated on “the perils of Indian hunting in 1967,” or “the ‘why’ of Running Antelope’s appearance on a Series 1899 $5 Silver Certificate.”[4]

Traylor suggested that a conscience-stricken senator might have wanted to atone for the 1890 massacre at Wounded Knee Creek. He imagined that placing a Sioux likeness on “regular currency” might ease national guilt. Then he leaned into stereotypes and joking violence:

Traylor wrote that Running Antelope might have been chosen for “convenience or accessibility,” and even floated the idea that officials could have found him in a federal prison. Then he  joked that a peace pipe and peace medal posed less danger to a photographer than “knife or tomahawk.”[4]

Traylor then lamented misunderstandings around Running Antelope. At the same time, he praised the chief’s “manly appearance and ethnic reputation for virility.”

He ended with questions that later scholarship would answer with more care:

• Why did officials select a Sioux?
• Why did they select Tatokainyanka (Running Antelope) in particular?
• What shaped his life?
• Why did his portrait stand alone on U.S. paper money?
• Did he lead as a chief, or not?[5]

Speculation and Acuracy

Traylor’s piece admitted speculation. It still got key points wrong. He correctly noted that “Onepapa” misnamed Running Antelope and that convenience shaped the choice. However, he omitted crucial context. He also repeated ethnic chauvinism and the “vanishing Indian” trope.

Notably, paper money collectors did not hold a monopoly on curiosity. In The Inconvenient Indian, Thomas King wondered why currency did not “immortalize” leaders such as Sitting Bull, Crazy Horse, Geronimo, Chief Joseph, or Osceola. He concluded, “Perhaps one Indian was more than enough.”[6]

A Better Account Emerged in 1969

Two years after Traylor, Paper Money published a more detailed analysis in 1969.[7] That issue identified the portrait subject as Ta-to’-ka-in’-yan-ka (spellings vary). It also located him historically as a Hunkpapa Lakota chief. Furthermore, it framed his appearance on the $5 note as a symbolically powerful decision shaped by the political realities of the late 1890s.

Many stories converge in the Series 1899 $5 note. Two dominate:

• Running Antelope’s life
• The rise of Silver Certificates in U.S. monetary policy
• Told together, they clarify the subtext behind the portrait.

Running Antelope’s Early Life on the Northern Plains

Ta-to’-ka-in’-yan-ka entered the world in 1821 in South Dakota, near what people today call Grand Forks.[8] He belonged to the Hunkpapa Lakota. That tribal identity later fueled the long-running naming error. Many collectors called him “Onepapa,” which simply offered another spelling of “Hunkpapa.” The variant “Oncpapa” also appeared, including in Littleton Coin Co. advertisements.

The Hunkpapa Lakota ranged over the Northern Plains. In the 18th century, European fur traders introduced firearms and trade to many Plains groups.[9] Around the same time, many Northern Plains tribes developed deep horsemanship skills.

Large-scale Euro-American settlement did not surge until the mid-19th century. The California Gold Rush drove much of that movement.[10] By Running Antelope’s youth, outsiders still moved through a landscape anchored by trading posts. However, the mid-century brought rapid change.

The Gold Rush transformed U.S. coinage and Indian policy alike. Silver prices rose as western gold flooded markets. The Mint lowered silver coin weights, and the episode exposed a core weakness in bimetallism. Congress also outlawed circulation of world coinage in an effort to draw silver into domestic channels. Meanwhile, settlers kept pouring west.

As a result, violence and negotiation increased. The First Treaty of Fort Laramie (1851) affirmed Indian claims to an enormous territory and promised safer travel for westward migrants.[11] The Lakota joined roughly 30 tribes in signing the treaty. That same year, Running Antelope became one of four “shirtwearers” of the Hunkpapa, a major leadership role.[12]

Conflict, Diplomacy, and a Reputation as an Orator

Violence shook the Plains in the 1850s and 1860s. Some groups accepted reservation life and tolerated travel corridors. Others resisted.

A retrospective newspaper account published in The Bossier Banner in 1879 claimed that Running Antelope saved an Army scout’s life in 1857. The account described an Army unit stumbling into a large Hunkpapa camp. Running Antelope supposedly intervened during a confrontation and declared, “This is a fine day to die,” meaning he would die for his friends. He tried to escort the soldiers away as fighting broke out. The account also claimed that he returned emptyhanded so his people would not think he saved whites to rob them.[13]

In 1867, Running Antelope described his relationship to American colonizers in blunt terms:

“Since the days when we first allied ourselves with the whites I have been faithful to them at all times and all places. The skin of my body is red but my flesh is white, since for many years I have eaten the bread of the whites.”[14]

Running Antelope embraced reservation life in the way federal officials wanted. He farmed. But he also spoke with force and purpose. Government records and newspapers repeatedly mentioned his skill as an orator.

The 1868 Treaty and a Peace Medal That Echoed into Currency Design

After Red Cloud’s forces handed the U.S. Army a series of defeats, the government signed the Second Treaty of Fort Laramie (1868). The treaty established the Great Sioux Reservation. Hunkpapa Lakota warriors fought alongside Red Cloud. Running Antelope signed the treaty. His signature took the form of a running antelope. He received a peace medal bearing President Andrew Johnson’s likeness.

That detail mattered. Years later, his visit to a later president would help place his likeness on American paper money.

Still, not all Hunkpapa accepted the treaty. Sitting Bull refused to sign.[15] In 1869, he became the leader of all non-treaty Lakota.[16] He later fought alongside Crazy Horse.

1872: Washington, Alexander Gardner, and the Photograph Behind the Note

In 1872, officials invited Running Antelope to Washington to meet President Ulysses S. Grant. During that visit, photographer Alexander Gardner took two images: a profile and a frontal portrait.

Gardner’s career mattered here. He photographed Civil War battlefields and served as the official photographer for the Union-Pacific Railroad beginning in 1867. Interestingly, Gardner and Running Antelope both began life in 1821.

In the images, Running Antelope wore traditional Hunkpapa attire. He wore three long feathers and a peace medal that accounts link to the one he received in 1868. The Bureau of Ethnology archived the portrait as part of a larger effort to document Native Americans in what photographers and researchers considered traditional clothing.

Running Antelope did not stop in Washington. He also visited St. Louis, Cincinnati, and New York. A 1921 Saturday Evening Post article described a party on Coney Island hosted by an opera singer. A veteran reporter claimed the Native visitors traveled east “to bewail their wrongs.”[17]

The Black Hills, Custer, and the Last Push onto Reservations

Treaty violations continued. Tensions rose as gold seekers poured into the Black Hills after the 1874 discovery, despite the 1868 treaty’s promises.

A Bismarck Tribune article from 1874 claimed Running Antelope predicted the seizure of the Black Hills. It also claimed that he and other leaders tried to keep young men home while Custer’s expedition operated.[18]

Running Antelope met George Armstrong Custer in the summer of 1874.

After the U.S. Army lost Custer’s 7th Cavalry at the Little Bighorn in 1876, federal resolve hardened. In 1877, Sitting Bull and many non-treaty Hunkpapa fled into Canada.

The government forced the Hunkpapa onto reservations late in the process. After Sitting Bull moved his band into what people today call Saskatchewan, they eventually surrendered in 1881.

Running Antelope joined the party that met Sitting Bull and escorted him back to the reservation.[19]

Sitting Bull reportedly disliked Running Antelope. He “regard[ed] him as a fool” because of his cooperation with whites.[20]

Reservation Leadership, Conflict with Agents, and the Buffalo’s Collapse

Federal officials pushed reservation communities toward farming. By the 1880s, Running Antelope held the post of district farmer. The Standing Rock Reservation divided into 20 farming districts, each led by a district farmer who oversaw agricultural programs. Running Antelope’s name appeared often in newspapers from the 1870s through the 1920s. An 1889 federal register listed him as a district farmer earning $120.[21]

Yet conflict did not disappear.

In 1878, Running Antelope and other Native Americans abducted Indian agent William T. Hughes. They brought him to the Missouri River and planned to row him across.[22] Hughes claimed they meant to drown him. Running Antelope denied that claim.

In 1880, another agent, Joseph A. Stephans, tried to cancel Sioux religious ceremonies. A confrontation nearly sent Stephans into the river too. The territorial press praised Running Antelope and attacked Stephans with ethnic and religious slurs.[23]

In 1882, accounts say Running Antelope joined the last Great Buffalo Hunt. By then, systematic bison extermination had devastated the herds. That same year, Stephans testified to the Dawes Senate Committee Investigation and labeled Running Antelope a “politician Indian,” “all soft soap and smoothness.”[24]

In 1883, the Bismarck Tribune interviewed Running Antelope and called him “the silver-tongued orator of the Sioux nation.”[25] When asked about the buffalo slaughter, he predicted that if it continued, “buffalo will not last more than two years.”[26]

Then Congress passed the Dawes Act (1887). The act authorized surveyors to parcel reservation land into individual allotments. It also opened “surplus” lands to purchase by non-tribal members when officials deemed them “advantageous for agricultural or grazing purposes.”[27] Running Antelope later became involved in land purchases, or thefts, linked to that system.

1890: Sitting Bull’s Death and Wounded Knee’s Aftermath

Sitting Bull died during an altercation with Indian police at his home on the Grand River. He died on December 15, 1890. Running Antelope reportedly attended the funeral.

Sitting Bull’s death set the stage for Wounded Knee. After the shooting, some of his followers left Standing Rock to join Spotted Elk at Cheyenne River. Spotted Elk’s group, along with some Miniconjou and 38 Hunkpapa, traveled toward the Red Cloud Agency. The 7th Cavalry intercepted them on December 29, 1890. A scuffle followed. The cavalry opened fire and killed hundreds. Some historians point to Wounded Knee as the end of the “Indian Wars” and the closing of the frontier.

David Treuer, in The Heartbeat of Wounded Knee: Native America 1890 to the Present, described the policymakers behind the events culminating in Wounded Knee as “feckless, cruel, shortsighted, hypocritical, and shameful…,” and he argued that “the ways of life that had evolved over thousands of years were gone.”[28]

Running Antelope did not go to Wounded Knee. He lived out his final years at Standing Rock. By 1892, his health failed. He died near what people today call Little Eagle, South Dakota, sometime between June 1896 and June 1897.

In that 1883 interview, he spoke with frustration:

“The Indians to whom the buffalo belong are poor; if they were allowed to kill the buffalo they would save every bit of the meat for their families. I have done the best I can for the white man and I do not see why the Great Father cannot do me the favor of stopping the whites from killing our game.”[29]

Currency Policy and the Road to Silver Certificates

U.S. money policy shifted dramatically during Running Antelope’s lifetime. The Civil War consolidated federal control over paper money. Demand Notes and United States Notes reshaped American currency in the 1860s. Early federal issues did not feature Native Americans. Later designs did. Those later vignettes also carried an ideology that would later absorb Running Antelope’s portrait.

Then came the Coinage Act of 1873, often called the “Crime of ’73.” The law adjusted silver weights to align with the metric system, eliminated some denominations, and demonetized silver. Mining and banking interests in the West, plus farmers and others who favored free silver, rallied behind the Free Silver Movement.

In 1878, Congress passed the Bland-Allison Act. Silver dollars returned. The Bureau of Engraving and Printing then issued Silver Certificates, paper notes redeemable in silver.

In 1890, the Sherman Silver Purchase Act expanded federal silver purchases. It increased silver dollar and Silver Certificate production. It also introduced Coin Notes in 1890–1891. Those notes became the first to feature Philip Sheridan, one of Running Antelope’s predecessors on the $5 Silver Certificate.

Sheridan’s biography carried sharp edges. He served as a Civil War general and then went to the frontier in 1868 after the Johnson administration punished him for his aggressive Reconstruction enforcement as military governor of Texas and Louisiana.[30] He had fought Indian wars in the Pacific Northwest in the 1850s. Accounts describe him hanging Indian warriors and exporting that aggression west.[31] He led campaigns between 1868 and 1876 marked by brutality and atrocity.

The Educational Series and the Decision to Use Running Antelope

In 1896, the Treasury introduced the Educational Series of Silver Certificates. These notes preceded the Series 1899 designs. The Series 1896 $5 Silver Certificate placed two portraits on the back: Ulysses S. Grant at left and Philip Sheridan at right.

Grant’s presence followed a decade-long pattern of depicting former presidents on paper money. Sheridan’s presence matched his long military record and reputation as an “Indian fighter.” Roy Morris Jr. even reported that Sheridan advocated medals for buffalo hunters that depicted a dead bison and a “discouraged Indian.”[32]

The Educational notes proved short-lived. Designers sought a new look. They chose Running Antelope as the central design motif for the $5 denomination.

In November 1899, engraver George F. C. Smillie translated Gardner’s 1872 photos into engraving for the $5 Silver Certificate. During that process, Smillie altered the headwear dramatically.

The Warbonnet Problem and the “Pawnee” Headdress Debate

Running Antelope wore a three-feather headdress in Gardner’s photos. That headdress rose too high to fit the note’s portrait frame. Smillie faced a choice. He could select a different subject. He could let the feathers break the frame. Instead, he found an image of a large feathered warbonnet and superimposed it over the original headdress.

Many writers describe the substituted warbonnet as Pawnee in origin. However, scholars of Native American dress do not speak with certainty.

Therefore, the note immortalized Running Antelope in the regalia of a culture that likely did not belong to him.

A large Roman numeral V appeared at left in blue ink. That blue signaled Silver Certificate status. A large Treasury Seal appeared at right. On the back, ornate borders framed another V and text explaining the legal basis for the note. Smillie designed the back as well.

The Series 1899 $5 Silver Certificate outlasted its Educational predecessor. Running Antelope remained on the note until 1923. Collectors identify eleven signature combinations, produced between fiscal years 1900 and 1926, with no production in fiscal years 1919 or 1920.

In 1923, Abraham Lincoln replaced Running Antelope on the $5 Silver Certificate. Designers placed Lincoln’s portrait inside a thick black frame that resembled a ship’s window. Collectors later called those notes “Porthole Notes.”

Why Did the BEP Choose Running Antelope?

The Bureau of Engraving and Printing could have chosen countless other Native American subjects in the late 1890s. Chiefs such as Red Cloud and others visited Washington in May 1872, and many sat for Gardner’s camera. The Bureau of Ethnology held thousands of images.

So why did the BEP return to Running Antelope? Did officials choose the most photogenic portrait? Or did they choose a life story that aligned with federal priorities?

Philip Deloria’s Playing Indian describes American appropriation of Native imagery since the Revolution. Deloria explained how Americans used Indian garb to “negotiate” meanings and identities.[33]

“Playing Indian” on Money Began Long Before the United States

Americans “played Indian” in currency design even before the Union.

In 1690, Massachusetts Bay Colony issued bills of credit in 5, 10, and 20 shillings and in 5 pounds. Those notes displayed a Native American figure from the colonial seal, a seal dating to 1629.[34] Heinz Tschachler later noted the similarity between that early Native figure and the European “Wildman” motif found on early modern coinage.[35] Wildman imagery often showed long hair, muscular bodies, and an uprooted tree used as a club or staff.

Those similarities reveal a deeper pattern. Colonial designers forced unfamiliar peoples into a European cultural frame. They did not treat Native Americans as discrete peoples. Instead, they cast them as incarnations of a “savage” archetype.

Tschachler described how early modern Europeans racialized “savagery” and cast their mission as domesticating it.[36]

Two long-term tendencies emerged:

• Designers essentialized Native physical appearance.
• Designers fixated on “civilizing the savage.”

Over time, those tendencies produced stereotypes about strength and “virility.” They also encouraged misuse of Native cultural objects.

Tschachler also described an inverse relationship between Native presence and Native imagery on money. As Native peoples faced displacement, depictions of them increased on Obsolete Banknotes.[37] Many such notes show Native figures watching “progress” unfold through farms and railroads. Some depict “enlightenment.” Others show quiet disappearance through the “Vanishing Indian” trope.

Federal paper money continued those symbolic habits. Eventually, those habits culminated in Running Antelope’s appearance on the Series 1899 $5 Silver Certificate.

Coinage Joined the Pattern: The Indian Princess Motif

Coin designs followed a related path. In 1854, the U.S. Mint introduced Liberty wearing a Native American headdress on the $1 and $3 gold pieces. Collectors now call this design the Indian Princess motif. It depicts Liberty, often read as white, wearing an Indian headdress. The motif spread widely. Similar portraits appeared on the $1 and $3 gold pieces, the cent (1859–1909), and the gold eagle (1907–1933).

Deloria argued that American identity always used Native imagery as a mirror. Around the turn of the 20th century, he wrote, Americans faced upheaval from monopolies, strikes, competition, and reform movements. That upheaval fueled attempts to “salvage” an older, disappearing America.[38] Native symbols offered a link to that imagined past.

Silver, Gold, and Racialized Ideas of Value

Running Antelope’s portrait also intersected with monetary politics over silver and gold. Michael O’Malley’s Face Value described how many Americans conflated precious metals with race well into the 20th century. “Goldbugs” treated gold as “civilized” money. They often framed the gold standard with Social Darwinist rhetoric.

O’Malley wrote that goldbugs believed “gold formed the ‘natural’ money of the Anglo-Saxon races” while “Pagan Asiatics” and Latin Americans used silver.[39] Gold advocates also distrusted paper money from the Civil War through the Great Depression. Many of them gathered around “Redeemer” ideology after the Civil War, a movement that fought Reconstruction and upheld white supremacy.

O’Malley traced “carpetbagger” language to carpet valises used by bank representatives who introduced paper currency in the Antebellum period.[40] He then argued that many Americans retreated into “twin forms of essentialism”: ferocious racism and “fantastic” beliefs about gold’s properties.[40] He further connected the gold standard to renewed white supremacy.[41]

Therefore, paper money, especially paper redeemable in silver, carried stigma in that worldview.

1900: The New York Times Notices “Indian Bills”

A New York Times article published on June 26, 1900 noted the new Silver Certificates. It misidentified Running Antelope as “Red Jacket.” Additionaly, article then joked that “Indian bills” would appeal to “Tammany men,” while noting that some of those men “have no objection to any kind of bills.”[42]

That line targeted fraternal societies and political organizations that adopted Indian symbols, including Tammany Hall, the New York political machine. Deloria explained that after the Revolution, groups remade “Indian Others” to build identities that fit early Republic politics.[43] The Tammany Society used “the Indian” to build a political party shaped by class and ethnic inflections.[44]

In other words, white Americans often used “Indianness” for domestic political ends. The Times and the BEP likely understood at least some of those meanings.

Furthermore, Bigelow-era ideas about metal hierarchy made the Times’ joke sharper. The article implied that Tammany men would accept “worthless” paper currency. That implication linked (real or faux) Indian identity with silver and paper money.

Gold Coins Adopted Native Portraits Too, and Controversy Followed

Between 1908 and 1929, gold quarter eagles and half eagles carried distinctly Native portraits. Bela Lyon Pratt designed them. Pratt studied under Augustus St. Gaudens, created sculpture for major expositions, and taught at the School of the Museum of Fine Art in Boston. He produced a recessed design that placed a Native American head on the obverse and an eagle on the reverse.

The Native portrait drew criticism. The Red Book reported that some numismatists “condemned loudly” the artistry.[45]

In December 1908, The Numismatist predicted “strong differences of opinion” about placing a “red Indians’ head” on coins. The article described the portrait with “strong characteristic virile features of our aboriginal race.”[46] Again, writers emphasized strength and virility.

In contrast, designers voiced no comparable public worry in 1899 when officials selected Running Antelope for a Silver Certificate. Still, the debate over Pratt’s gold coins later swept the $5 Silver Certificate into its orbit.

Theodore Roosevelt’s Praise

In February 1909, The Numismatist published President Theodore Roosevelt’s praise for St. Gaudens’ Liberty design, which depicted a white woman wearing a Native headdress. Roosevelt argued that the Indian “finely symbolizes freedom.” He rejected “hackneyed” conventions for Liberty.[47] He then called it “eminently fitting” for such a head to wear a “purely and characteristically American headdress.”[48]

Roosevelt conflated American identity with Native symbolism. He also endorsed a white Liberty “playing Indian.”

S.H. Chapman responded sharply in the same issue. He dismissed the Pratt portrait as “without artistic merit,” and complained that the portrait showed an “emaciated” Indian “totally unlike” “big, strong Indian chiefs.”

He called the coins a “disgrace” and hoped officials would recall and remelt them,[49] then  argued that recessed designs would trap dirt and disease, calling them “the most unhygienic [coins] ever issued.”[50] He advocated a committee to review designs and warned that bad designs would “degrade” public taste.[51]

William Sturgis Bigelow replied. Bigelow advised Roosevelt and supported Pratt. Bigelow said a “recent photograph” provided the portrait and claimed the subject enjoyed excellent health. He suggested Chapman preferred a “fatter but less characteristic type” sometimes seen on reservations.[52] Bigelow also dismissed the hygiene critique by claiming hygiene related more to silver than gold, since silver circulated “into dirtier pockets.”[53]

Hollow Horn Bear and the Persistent Misidentification Myth

The gold coin debate produced a new misidentification of Running Antelope. In February 1909, The Numismatist published “Living Indians Portrayed on Money.” Edgar H. Adams claimed the Series 1899 $5 portrait “is said to be” Hollow Horn Bear, a “well-known Sioux chief” who spoke in Congress in 1889.[54]

Hollow Horn Bear did address Congress in 1889. However, he did not appear on the 1899 $5 Silver Certificate.

Hollow Horn Bear’s life paralleled Running Antelope’s in notable ways. He entered the world in the early 1850s. He served as a U.S. Army scout around 1874. A 1962 South Dakota historical marker stated that he had once “fought the whiteman wherever he could find them in Wyoming and Montana.”[55]

He served as a “Police Captain” on the Rosebud Reservation beginning around 1881.[56] He arrested Crow Dog after Crow Dog killed Spotted Tail, an episode tied to Ex parte Crow Dog. He served as a leading orator and negotiator during the Sioux Land Commission in 1889.

An 1895 New York Times article praised his “excellent record” of service. He rode in Theodore Roosevelt’s inaugural parade in 1905 and Woodrow Wilson’s in 1913.[57]

Other Publications Also Got It Wrong

Other publications repeated the error. The Aberdeen Democrat reported on February 5, 1909, about an annuity payment supposedly made in Series 1899 $5 Silver Certificates. The paper praised Hollow Horn Bear’s looks and called him “the handsomest and most typical Indian in the country.”[58] It described him as adept at the “white man’s game,” meaning conversation. It also claimed he could talk “a few hundred thousand” out of the Bureau of Indian Affairs.[59]

The article claimed the BIA withheld about $300,000 from his tribe, money the tribe believed should go to minor children. It also claimed Hollow Horn Bear hoped to take home about 50,000 copies of his picture on the $5 certificates.[60]

The annuity’s reality remains unclear in that account. Still, the framing matters. The article cast Hollow Horn Bear as a smooth-talker trying to swindle the government, even though fraud in Indian affairs often flowed the other direction.

The misidentification continued. A 1913 obituary in The National Magazine repeated it.[61] Hollow Horn Bear caught pneumonia during the opening ceremony for the National American Indian Memorial and while riding in Wilson’s inaugural parade. A New York Times announcement described the “tall, bronzed Indians from the west…” who marched in the parade.[62]

Today, the myth persists. Hollow Horn Bear’s Wikipedia page has claimed that “a number of sources report Hollow Horn Bear as the basis for a US five-dollar bill,” citing The Numismatist.[63]

Hollow Horn Bear did appear on stamps and military payment certificates. However, he did not appear on $5 Silver Certificates from 1899 to 1922.

A “Particular Look” and the Logic Behind the Portrait Choice

The language in The Numismatist debate and in regional press coverage reveals racialized expectations about a “proper” Native appearance. Writers demanded a particular “look.” They praised supposed “virility,” while discounted accuracy, and then blurred distinct tribal identities.

That pattern helps explain Running Antelope’s portrait transformation. If the original headdress did not fit, designers substituted another. They prioritized a generalized “Indian” look over cultural specificity.

Running Antelope’s biography also fit federal desires. He embodied the assimilation narrative that politicians and military leaders promoted: settled farming, diplomacy, and accommodation of expansion. He posed no threat as a symbol of indigenous resistance.

Moreover, the medium mattered. Many Americans ranked Silver Certificates below gold-backed money. Therefore, appropriating Running Antelope’s likeness onto silver paper money did not challenge “hard money” assumptions about hierarchy and value. At the same time, the portrait evoked a recent frontier past and offered a “simpler time” fantasy that reinforced racial hierarchy. As Tschachler put it, depicting Native Americans as “exotic people” foregrounded and reinforced white superiority.[64]

1922 Newspaper Storytelling and the Myth-Making Machine

In 1922, newspapers across the country ran a story about Running Antelope titled “Stories of Great Indians – Running Antelope’s Views of Indian Agents.” Elmo Scott Watson, a journalism professor, recounted Running Antelope’s 1874 meeting with Custer.

Watson claimed Running Antelope came to Custer to beg for food and accused Indian agents of dishonesty. Then Watson mocked him at dinner, describing him “gorging” and sweeping food into his robe like a “capricious haversack.”[65]

Next, Watson pivoted. He excused Running Antelope’s lack of table manners, then called him a “first-class fighting man.” Watson described an 1856 war with the Arikara and credited Running Antelope with participation. Watson concluded by admiring a “record of systemic homicide,” which he suggested boosted Running Antelope’s warrior reputation.[66]

Watson’s contradictions illuminate something important. White audiences often wanted Running Antelope to play multiple roles at once: hungry and formidable, crude and noble, threatening and safe. The story ignored the far larger violence committed against indigenous peoples by Custer and the nation he served. Instead,it focused instead on qualities that helped white readers define a “great Indian.”

Philip Sheridan famously voiced the “only good Indian” mindset. Yet the BEP found an Indian “good enough” for Silver Certificates.

Conclusion: Regret, Metaphor, and a Portrait That Outlived Its Subject

Running Antelope seems to have regretted his accommodation later in life.

Forrest W. Daniel’s 1969 account described an 1888 visit by a federal commission to Standing Rock to discuss land purchase under the Dawes Act. Daniel paraphrased Running Antelope’s words. Running Antelope compared the government’s promises to trading for a cow:

He said the government offered a calf for land but never delivered it. Later, it offered a heifer, then a fine cow, and again failed to deliver. Finally, he said the government drove in an old, dried-up animal with a frozen-off tail and broken horns, and the Sioux no longer wanted to trade.[67]

died without knowing that officials would revive his 1872 photograph, alter it to satisfy BEP aesthetics, and place it on a form of currency many Americans distrusted. Americans searching for identity during rapid modernization deployed Native imagery to evoke an imagined past. In that antiquarian frame, Running Antelope became a powerful symbol. The BEP could “play Indian” while avoiding a portrait of resistance.

Collecting the “Chief Note” Today: Demand, Rankings, and Prices

Running Antelope’s likeness still carries symbolic weight, and collectors pay for it. The 100 Greatest American Currency Notes ranked the Series 1899 $5 Silver Certificate at #10.[68]

Collectors pursue the note aggressively. Notes with low serial numbers, unusual serial numbers, replacement status, or major errors often bring strong premiums. Even common circulated examples often sell for hundreds of dollars.

Thomas King, who wondered why other leaders did not appear on currency, admitted that he wanted one for his office wall until he discovered that a nice example can cost thousands.[69] Coin World described the note in 1994 as “one of the most popular notes among collectors of US paper money and consequently is expensive.”[70]

Recent auction results support that claim. Then n January of the year referenced in the original research, a PCGS Gem New 66 PPQ example sold for $6,600, and another note in the same grade sold in April 2018 for the same amount.[71] A PCGS Gem New 67 PPQ example sold in August 2017 for $22,912.50.[72]

Littleton Coin Co. sells the notes and markets them as “beautiful and historic.” The listing calls them “the only series of U.S. notes to feature a Native American as its main theme” and says, “An issue no collector should be without!”

Collectibles followed. In 1977, the BEP issued ANA World’s Fair of Money convention souvenirs featuring the Series 1899 $5 face. Then in 1988, the International Paper Money Show issued a similar card featuring the back. Finally in 2001, the U.S. Mint included a BEP-made replica 1899 $5 Silver Certificate in a set with 2001-D American Buffalo Commemorative silver dollar examples. The set also included a Red Cloud stamp issued in 1987. The sets sold out within a week.[73]

The design even appears on magnets.

In 2013, The Numismatist noted that collectors “do not tire of the dignified image of the chief … even if it is not accurately portrayed.”[74]

Collectors have traded stories about the “handsome” Indian on the note’s face for decades. Auction catalogs continue to praise the note’s beauty and history. Numismatic writers still publish corrections to long-running errors.

Consequently, Running Antelope’s symbolic power, along with the complicated history behind it, continues to live on in collections, publications, and wherever the $5 Silver Certificate appears.

Citations Part 1-10

Citations Part 11-20

Citations Part 21-30

Citations Part 31-40

Citations Part 41-50

Citations Part 51-60

Citations Part 61-70

Final Citations

• “ADVENTURES OF A SCOUT: Interesting Stories of Indian Adventure by One of Custer’s Scouts.” The Bossier Banner. March 6, 1879. LINK.
• Bowers, Q. David, and David Sundman. The 100 Greatest American Currency Notes. 1. First ed. Vol. 1. Atlanta, GA: Whitman Publishing, 2006.
• Cozzens, Peter. The Earth Is Weeping: The Epic Story of the Indian Wars for the American West. 1. 1st ed. Vol. 1. New York, NY: Vintage Books, 2016.
• Daniel, Forrest W. “Running Antelope – Misnamed Onepapa.” Paper Money 8, no. 1, 1969.
• Deloria, Philip J. Playing Indian. New Haven and London, CT: Yale University Press, 1998.

Additional Resources

• ———. “From ‘Wildman’ to ‘True Native American’: Images of American Indians on Paper Money.” ANA Journal 2, no. 1 (2007): 9–21.
• “FURTHER ALLEGED IRREGULARITIES: Investigation at Standing Rock of General Carlin’s Charges Against Agent Hughes.” Daily Press and Dakotaian . July 27, 1878. LINK.
• Gibbs, Bill. “Hunkpapa Sioux Leader’s Image on Silver Certificate.” Coin World, December
  19, 2016. https://www.coinworld.com/news/precious-metals/hunkpapa-sioux-leaders-portrait-on-silver-certificate.html.
• Gilkes, Paul. “American Buffalo Set Sells Out.” Coin World 42, no. 2151, July 2, 2001.
• Government Printing Office, 1 Official Register of the United States Containing A List of the
  Officers and Employees in the Civil, Military, and Naval Service on the First of July,
  1889; Together with List of Vessels Belonging to the United States § (1889). LINK.
• Hessler, Gene. “Design Features of MPCs Appear on Other Notes.” Coin World 35, no. 1772, March 28, 1994.
• “Hollow Horn Bear at Indian Bureau.” The Aberdeen Democrat. February 5, 1909. LINK.
• “Indian to Be Orator.” The New York Times. February 20, 1913, LXII, No. 20,116 edition.
• Larson, Robert W. Gall: Lakota War Chief. Norman, OK: University of Oklahoma Press, 2012.
• Lord, Chester S. “Coney Island in the Seventies.” Saturday Evening Post. 1921, Vol. 194
  edition. LINK.
• Morris, Roy. Sheridan: The Life and Wars of General Phil Sheridan. New York, NY: Crown Publishing Group, 1992.
• Nelson, C.B. “South Dakota State Historical Markers.” history.sd.gov. South Dakota State
  Historical Society, April 2017. LINK.
• The New York Times. June 26, 1900, Vol. XLIX, No. 15,745 edition.
• “NUGGETS.” The Bismarck Tribune. August 26, 1874. LINK.
• O’Malley, Michael. Face Value: The Entwined Histories of Money and Race in America. Chicago and London, IL: The University of Chicago Press, 2012.
• Roosevelt, Theodore, Samuel Hudson Chapman, William Sturgis Bigelow, and George H King. “New U.S. Gold Series Criticized and Defended.” The Numismatist 22, no. 2, February 1909. https://archive.org/details/TheNumismatist1909Vol22/page/n49/mode/2up.

More Resources

• “THE SIOUX VISITORS: An Interview with Running Antelope, the Orator.” The Bismarck Tribune. February 16, 1883. LINK.
• Smith, Andy. “Artistic License.” The Numismatist 126, no. 9, September 2013.
• Thrapp, Dan L. Encyclopedia of Frontier Biography. Lincoln, NE: University of Nebraska Press, 1991.
• Traylor, George. “A Tenderfoot Tracks Onepapa.” Paper Money 6, no. 4, 1967.
• Treuer, David. The Heartbeat of Wounded Knee: Native America from 1890 to the Present. New York, NY: Riverhead Books, 2019.
• Tschachler, Heinz. The Numismatist 132, no. 9, September 2019.
• Utley, Robert M. Sitting Bull: The Life and Times of an American Patriot. New York, NY: Henry Holt and Company, 2014.
• Watson, Elmo Scott. “Stories of Great Indians: Running Antelope’s Views of the Honesty of Agents.” The Bolivar Democrat. June 24, 1922.
• https://chroniclingamerica.loc.gov/lccn/sn87065645/1922-06-24/ed-1/seq-6/.
• “WHY IS THIS THUS?: An Investigation at Standing Rock Agency Wanted.” Bismarck Tribune. July 9, 1880. LINK.
• Wood, Howland. “The Bigelow-Pratt Gold Pieces – New $2.50 and $5.00.” The Numismatist 21,
  no. 12, December 1908.
• Yeoman, R.S. A Guide Book of United States Coins 2011. 1. 64th ed. Vol. 1. Atlanta, GA:
  Whitman Publishing, 2010.
• Zerbe, Farran. “A Consideration of Our New Gold Coins.” The Numismatist 21, no. 1, January 1908.

The post Running Antelope and the 1899 $5 Silver Certificate appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Most importantly, this note represents the first small-size $10 gold certificate ever issued. When combined with its replacement note designation, the issue occupies a distinct position within the gold certificate series.

A Landmark Issue in Small-Size Currency

The Series 1928 redesign marked a major shift in U.S. paper money. The $10 gold certificate introduced the smaller format still familiar today. It also debuted several defining visual elements.

Most notably, the note features a yellow-gold Treasury seal and matching serial numbers. These characteristics identified the bill as redeemable in gold at the time of issue and clearly separated it from Federal Reserve Notes and other paper money types.

The design also introduced Alexander Hamilton to the $10 denomination for the first time. While Hamilton had long appeared on U.S. currency, 1928 marked his debut on this specific value, adding long-term historical significance to the series.

The note carries the signatures of Treasurer W. O. Woods and Secretary of the Treasury Andrew Mellon, firmly placing it within the early small-size era.

The Significance of the Star Note Designation

The asterisk in the Friedberg number Fr. 2400* identifies the note as a replacement, or “star,” note. These notes replaced defective or damaged examples discovered during production.

Because the Bureau of Engraving and Printing printed replacement notes in much smaller quantities, star notes remain significantly scarcer than standard serial number issues. As a result, collectors consistently assign them a substantial premium, especially in higher grades.

Current Market Value and Pricing Range

As of February 2026, market data shows that a 1928 $10 Gold Certificate Star Note graded MS 63 typically sells for $2,250 to $2,500.

Prices across the series vary widely depending on condition. Lower-grade star notes can sell for around $200, while high-grade examples have reached as much as $15,000.

The premium becomes even clearer when compared to non-star notes. A regular 1928 $10 Gold Certificate in MS 63 condition often sells for approximately $480 to $1,000, underscoring the rarity of replacement issues.

Recent public listings support these figures. High-grade star notes have appeared on major online platforms, including eBay, with asking prices near $2,388.88.

What Choice Uncirculated 63 Indicates

A Choice Uncirculated 63 grade confirms that the note never entered circulation. However, the grade allows for minor handling characteristics.

Margins may show slight misalignment. In addition, faint counting marks or light surface distractions may be present. Importantly, the note displays no folds, creases, or bends, which preserves its uncirculated status.

For the 1928 $10 Gold Certificate series, uncirculated examples remain particularly difficult to locate. Most notes saw heavy use or redemption shortly after issuance, sharply limiting the number of survivors in high grade.

The Impact of the 1933 Gold Recall

The production window for these gold certificates proved brief. In 1933, the federal government issued the Gold Recall Order, which required citizens to surrender gold coins and gold-backed paper money.

Following the recall, authorities destroyed millions of gold certificates. While exact survival numbers remain unknown, the destruction significantly reduced the available population. Consequently, surviving examples — especially star notes in uncirculated condition — remain scarce today.

A Key Issue for Advanced Collectors

The 1928 $10 Gold Certificate Star Note combines multiple layers of collector appeal. It represents a first-of-type small-size issue, introduces a major design milestone, and survives in limited numbers due to historical events beyond its control.

When paired with a Choice Uncirculated grade, those factors help explain the note’s sustained demand and long-standing market premium. For collectors focused on U.S. gold certificates or replacement notes, Fr. 2400* remains a cornerstone issue within the series.

This Note is for sale at the Stack’s Bowers Spring 2026 Showcase Auction  Session 6 – U.S. Currency – Mar 12, 2026  – Lot 6157

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The post The 1928 $10 Gold Certificate Star Note: Rarity, Value, and Historical Importance appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

ANS Acquires an 1880 Contemporary Counterfeit Five-Dollar Note

The American Numismatic Society (ANS) has added an 1880 contemporary counterfeit five-dollar United States Note to its collection. The acquisition is notable. The Society first reviewed this note nearly forty years ago and declined it then.

The note, now cataloged as ANS 2024.37.1, entered the collection in 2024 after a new examination revealed it was counterfeit and had an unusually well-documented history.

An Unlikely Artifact in the Trinity Church Archives

The counterfeit note came from the Trinity Church Archives. The archives preserve records documenting the history of Trinity Church and its parishioners. Located at the head of Wall Street, Trinity Church has played an important political and social role in New York City for more than three centuries.

The collection includes baptismal, marriage, confirmation, and burial records dating back to 1749. Alexander Hamilton is among the notable figures buried in the churchyard. Genealogical material makes up most of the archive. For that reason, the presence of a counterfeit five-dollar bill stands out.

A 1986 Inquiry, and a Missed Identification

In February 1986, Trinity parish Archivist and Curator Phyllis Barr contacted the ANS. She wrote to Richard Doty, then Curator of Modern Coins and Paper Money. Barr enclosed a black-and-white Xerox copy of a five-dollar bill she had found in the archives.

Barr described the note as being in “fragile condition.” She added that it appeared to be “splitting in two as if it were in two layers.” She asked whether the note had any monetary value.

Doty replied that the bill was not worth much because of its poor condition. Based on the surviving correspondence, the black-and-white photocopy likely prevented a proper identification. Doty did not recognize the note as a contemporary counterfeit at that time.

Reexamination and Donation in the 2020s

Nearly four decades later, Marissa Maggs, Director of Trinity Church Archives, offered the note and the 1986 correspondence to the ANS as a donation.

Upon examination, Dr. Jesse Kraft, Resolute Americana Assistant Curator of American Numismatics, identified the bill immediately as a circulating counterfeit. The Society added the note to its reference collection of forgeries, fakes, and counterfeits, often referred to as the “black trays.” Items with clear historical context hold particular research value within this collection.

Physical Construction and Visual Clues

Collectors often refer to this type of counterfeit as a “woodchopper.” The engraving quality is poor. The portrait of Andrew Jackson at left appears crude. The central vignette of a pioneer family, man, woman, baby, and dog, is present but barely defined.

Barr’s original description from 1986 proved accurate. The counterfeit consists of two separately engraved sheets adhered together. This construction explains the layered appearance and the tendency to split.

The motive for this method cannot be confirmed. However, the added thickness may have helped imitate the weight and feel of a genuine note.

The obverse design provides the clearest evidence of counterfeiting. Aside from the red seal and blue serial numbers, the note lacks tonal variation. It appears almost entirely black and white. Genuine notes display subtle grayscale effects produced by advanced engraving techniques. The counterfeit does not. This difference reflects the simpler printing methods used by counterfeiters.

Historical Background of the Five-Dollar United States Note

The Bureau of Engraving and Printing first issued United States Notes in 1862. These Legal Tender Notes remained in production until 1971. As a result, they represent the longest-running form of U.S. paper money.

In 1869, the five-dollar denomination adopted a new design. It featured Andrew Jackson’s portrait at left and a pioneer family vignette at center. The series changed again in 1875. That redesign introduced the reverse seen on the ANS counterfeit example.

A Warning Against the Crime It Represents

The reverse includes a forceful legal warning. It threatens fines of up to $5,000, imprisonment of up to fifteen years at hard labor, or both for counterfeiting-related offenses.

The warning targeted organized counterfeiters, often called “coneymen.” These groups operated across specific regions of the United States during the nineteenth century.

Enforcement, Circulation, and Final Preservation

The United States established the Secret Service in 1865 to combat counterfeiting. The agency did not assume responsibility for presidential protection until after the assassination of President William McKinley in 1901.

Despite these efforts, this counterfeit five-dollar note circulated successfully for some time. The exact circumstances remain undocumented. It is possible the note entered Trinity Church through a Sunday collection. It may also have arrived as a holiday donation, such as a Christmas or Easter gift. Given the note’s purchasing power at the time, either scenario would have involved a meaningful sum.

What is certain is its long archival life. The note remained at Trinity Church for nearly a century. It now resides permanently in the ANS collection, where scholars can study it as part of the broader history of American paper money and counterfeiting.

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The post The Curious Case of the Counterfeit Five Dollar Bill from the Trinity Archives appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Certified PMG Gem Uncirculated 66 EPQ, this example stands alone at the top of the census. Although researchers long recorded a three-note serial number run as Crisp Uncirculated, modern third-party grading has clearly separated this note from its peers. Of the 22 examples of Friedberg 1219e certified by PMG, only four achieve an Uncirculated grade. One stands at Choice Uncirculated 63. Two reach Choice Uncirculated 64. This note, however, rises above all others as the only Gem Uncirculated 66 EPQ, with no equals and none finer.

Consequently, this Gold Certificate now defines the top of the market for the entire Friedberg number. For advanced collectors, that distinction carries enormous weight. In elite numismatics, condition rarity often outweighs absolute scarcity. This note proves that principle without compromise.

Design That Defines an Era of American Finance

Issued in 1907, the $1,000 Gold Certificate ranks among the most visually commanding notes ever produced by the Bureau of Engraving and Printing. At the center, Alexander Hamilton anchors the face with a bold, engraved portrait that reflects his enduring influence on the nation’s financial system. Meanwhile, rich gold overprints frame the design at left and right, reinforcing the authority of gold-backed currency.

Large “1000” counters dominate each corner, while engraved signatures of Treasury officials Teehee and Burke appear crisply below the portrait. Turn the note over, and the visual impact intensifies. A brilliant orange-gold reverse displays the Great Seal of the United States at center, supported by sharp counters in each corner. Together, these elements create one of the most striking backs in American paper money.

Not surprisingly, Q. David Bowers and David M. Sundman ranked this issue #75 in 100 Greatest American Currency Notes, reflecting both rarity and enduring collector demand.

Condition, Provenance, and Ultimate Status

Beyond rarity and design, condition elevates this note into a category of its own. Generous margins, precise centering, and vividly saturated gold overprints define the face. Likewise, the reverse shows remarkable depth of color and sharpness of detail. The EPQ designation confirms fully original paper quality and embossing. Simply put, few Gold Certificates approach this level of technical and aesthetic perfection.

Equally important, the provenance matches the note’s stature. The pedigree traces through Ossie’s Fixed Price List (1976), Frank Levitan, Lyn Knight’s 1998 sale, Jay Parrino’s 1999 offering, and ultimately the legendary Pogue Collection.

Ultimately, the $264,000 result confirms what seasoned collectors already understood. This note occupies a class of its own. For those pursuing the highest echelon of United States currency, the finest known 1907 $1,000 Gold Certificate does not merely represent excellence, it defines it.

The post A Singular Survivor: The Finest Known 1907 $1,000 Gold Certificate appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

The United States issued $500, $1,000, $5,000, and $10,000 notes to support large commercial and interbank transactions. While these notes remain legal tender today, their scarcity and history make them far more valuable as collectibles than as spending money, even in circulated condition.

Among these, the $1,000 note stands out for its long production history, evolving designs, and enduring appeal to collectors.

A Short History of the $1,000 Bill

The story of the $1,000 bill begins during the American Civil War. Congress first authorized high-denomination paper money following the Act of February 25, 1862, commonly known as the Legal Tender Act of 1862. This landmark legislation reshaped the nation’s monetary system at a moment of national crisis.

By 1861, the Civil War had pushed the federal government into severe financial distress. Military expenses soared as the Union armed soldiers, built infrastructure, and sustained prolonged campaigns. At the same time, traditional revenue sources, taxation and borrowing, failed to meet these extraordinary demands.

The United States still relied heavily on gold and silver coinage under the specie standard. However, widespread hoarding and shortages of precious metals disrupted commerce and made it difficult for the government to pay soldiers or creditors. Ordinary Americans also struggled to conduct everyday transactions.

In response, Congress and President Abraham Lincoln embraced a more flexible monetary solution. The Legal Tender Act authorized the issuance of paper currency, soon nicknamed “greenbacks”, that citizens and businesses had to accept for most debts and transactions.

The First $1,000 Paper Money

The Legal Tender Act empowered the U.S. Treasury to issue $150 million in United States Notes. These notes represented fiat currency backed by the credit of the federal government rather than by gold or silver. By the end of the war, Congress approved hundreds of millions more.

Although these notes qualified as legal tender for most public and private debts, the government still required payment in specie for customs duties and interest on federal bonds. Even so, the legislation marked a decisive departure from the traditional gold standard.

The Treasury issued three distinct $1,000 Legal Tender Note designs. The first featured a portrait of Robert Morris, the financier of the American Revolution. Later designs replaced Morris with a portrait of DeWitt Clinton, the former mayor of New York City. These large, imposing notes reflected the extraordinary financial demands of wartime America.

From Greenbacks to the Federal Reserve

The rapid expansion of fiat currency proved inflationary. After the Civil War ended, the United States required more than a decade to resume full payment in specie. By that time, however, paper money had become a permanent fixture of American life.

For much of the late 19th century, banks issued many notes. Eventually, a series of financial reforms returned the responsibility for issuing paper money to the federal government. These reforms laid the groundwork for the modern currency system and, ultimately, for Federal Reserve Notes.

The $1,000 Federal Reserve Note

Congress authorized the first $1,000 Federal Reserve Notes under the Federal Reserve Act of 1913. The law followed the financial panic of 1907 and created the Federal Reserve System as the nation’s central bank.

Early Federal Reserve Notes measured 7-3/8 by 3-1/8 inches. Collectors often call these large-format notes “horseblankets” because of their size. The large-size $1,000 Federal Reserve Note featured a portrait of Alexander Hamilton, the same portrait later used on the small-size $10 bill.

These notes are rare in all conditions and across all series. Collectors recognize three signature combinations: Burke–Glass, Burke–Houston, and White–Mellon. An example such as the one illustrated above commands a value of roughly $40,000.

The 1929 Size Reduction and New Design

In 1929, the Federal Reserve reduced U.S. currency to its current dimensions of approximately 6.14 by 2.61 inches. Production of $1,000 notes continued in this smaller size, with issues released by Federal Reserve Bank branches in cities including New York, Chicago, San Francisco, and Philadelphia.

The first small-size $1,000 notes, known as the Series of 1928, bear the signature combination of Woods and Mellon. In circulated condition, these notes begin at about $3,000, while crisp uncirculated examples often exceed $10,000.

The new design introduced several changes. The portrait of Hamilton gave way to President Grover Cleveland, and engravers made the guilloché patterns on both sides more intricate. Production continued through 1946, with the final authorized signature combination being Julian and Snyder.

According to Bureau of Engraving and Printing records, only 1,368 notes with this final combination were produced, and none have ever appeared publicly. The previous Julian–Morgenthau series continued through 1945.

Discontinuation and Modern Collecting

Although the government last printed $1,000 Federal Reserve Notes in 1945–46, banks continued to distribute them for decades. On July 14, 1969, the U.S. Treasury and the Federal Reserve System announced the immediate discontinuation of $500, $1,000, $5,000, and $10,000 bills due to a lack of use.

Collectors quickly recognized the opportunity. Anyone who set aside these high-denomination notes preserved a tangible piece of American monetary history.

The $1,000 Federal Reserve Note remains legal tender today, but inflation has sharply reduced its purchasing power. According to the Bureau of Labor Statistics, $1,000 in 1945 equals approximately $17,847 today.

Market Values and Buying Advice

Collectors should approach purchases carefully. Buying from a reputable currency dealer or selecting notes certified by PMG or PCGS Banknote helps ensure authenticity and guards against alterations. With proper due diligence, the $1,000 Federal Reserve Note remains one of the most historically rich and visually impressive U.S. paper money collectibles available.

CoinWeek Article Updated January 19, 2026

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The post $1,000 Federal Reserve Notes are Popular Collectibles With a Long History appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Collectors often refer to Large-Size United States paper money as “Horse Blankets,” and for good reason. Before the introduction of today’s smaller notes beginning with Series 1928, American currency carried significantly larger dimensions. Among these iconic issues, one note continues to spark fascination, debate, and strong collector demand: the Series 1923 $5 Silver Certificate, better known as the Lincoln Porthole.

This installment of Notable Notes focuses on one of the most popular and recognizable large-size notes of the 20th century. Thanks to its unusual design and enduring historical resonance, the Lincoln Porthole $5 Silver Certificate holds a permanent place in the upper tier of U.S. paper money collecting.

Abraham Lincoln and the $5 Bill Tradition

The Series 1923 $5 Silver Certificate features a portrait of Abraham Lincoln, a statesman who has long defined the $5 denomination. Lincoln served as the 16th president of the United States and guided the nation through its darkest chapter during the Civil War. His leadership helped preserve the Union, but his life ended tragically when John Wilkes Booth assassinated him on April 14, 1865, at Ford’s Theatre in Washington, D.C.

In the years following his death, Americans honored Lincoln with countless tributes. Artists and engravers placed his likeness on coins, postage stamps, and eventually paper money. During the late 19th century, Lincoln appeared posthumously on Fractional Currency and Silver Certificates, establishing a legacy that continued into the 20th century.

Therefore, when Treasury officials prepared a new issue of Silver Certificates in 1923, they selected Lincoln as the obvious choice for the $5 denomination.

The “Lincoln Porthole” Controversy

Despite Lincoln’s popularity, the note’s portrait design immediately drew criticism. Designers placed Lincoln’s likeness inside a perfectly circular frame, a bold departure from earlier rectangular vignettes. Unfortunately, many members of the public reacted negatively.

At the time, critics argued that the circular frame resembled the view through the barrel of a gun. As a result, controversy erupted, and public sentiment turned sharply against the design. However, as years passed, the uproar gradually faded.

Eventually, collectors and historians embraced a far less ominous nickname: the Lincoln Porthole. The name referenced the round windows found on ships, and it reframed the design as distinctive rather than disturbing. Today, that once-controversial feature stands as the note’s defining characteristic.

Rarity, Survival, and Collector Demand

Today, the Lincoln Porthole $5 Silver Certificate ranks among the most desirable large-size U.S. notes. Although thousands originally circulated, experts estimate that only about 5,000 examples survive across all grades. Moreover, high-grade specimens remain especially scarce, which drives intense competition among advanced collectors.

Recently, one outstanding example entered the PCGS Banknote grading room. The note earned a PCGS 55PPQ grade, indicating only light circulation wear along with exceptional paper quality and eye appeal. As a result, it represents an impressive survivor from a century-old issue.

Collectors interested in professional grading and encapsulation can learn more by visiting www.PCGS.com/banknote
or by calling PCGS Customer Service at (800) 447-8848.

From Rare Coin Market Report

This article originally appeared in the March – April 2020 issue of Rare Coin Market Report. Readers who wish to explore the full issue can access the digital edition by logging in with the email address associated with their PCGS account. All current PCGS Collectors Club members receive complimentary access.

Collectors may also purchase individual issues or annual subscriptions through the RCMR Homepage. Those who are not yet members can join the PCGS Collectors Club by visiting www.pcgs.com/join

The post Notable Notes: The “Lincoln Porthole” $5 Silver Certificate appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Paper money may look uniform and precise, but every note begins life as a physical object moving through massive, high-speed printing presses. Like coin striking, that process invites mechanical stress, misfeeds, folds, and ink failures. Even with exceptional quality control at the Bureau of Engraving and Printing (BEP), perfection remains impossible.

As a result, dramatic paper money errors escape into circulation every year, sometimes unnoticed for decades. Some scream for attention. Others whisper to those who know what to look for. Collectors prize them all for one reason: they represent genuine mistakes in a system designed to avoid them.

Here are five dramatic paper money errors you can still find in circulation, often hiding in plain sight.

Misalignment Error

A Misalignment Error occurs when an entire sheet of notes fails to seat correctly in the printing press. When that happens, the printed design shifts off-center, sometimes dramatically.

Instead of a perfectly framed portrait, part of the design disappears beyond the edge of the note. In extreme cases, the press prints part of a neighboring bill onto the wrong note, creating a surreal overlap of designs.

These errors range from subtle margin shifts to jaw-dropping off-center prints. They can affect the face, the back, or just one side, making every example unique.

Collector tip: The more design missing (or extra design visible), the stronger the premium.

Gutter Fold Error

Gutter Fold Errors appear far more often than most collectors realize. They happen when the paper wrinkles or folds before entering the press.

The result looks like a blank stripe running across the note, sometimes narrow, sometimes wide. Because the folded area never receives ink, it remains unprinted once the sheet unfolds.

Multiple folds do exist, but they remain rare. Most examples show a single clean “gutter” where the press skipped the paper entirely.

Collector tip: True gutter folds show no ink in the blank area, ever.

Printed Fold Error

Printed Fold Errors push the drama up a notch.

In this case, one side of the note prints normally. Then the sheet folds before the next printing pass. When the press strikes again, it prints over the fold, creating overlapping, distorted design elements once the note flattens.

Collectors love these errors because you can see one side’s design printed onto the other, often at strange angles. The folded shape usually remains visible, adding another layer of visual impact.

Collector tip: Look for crisp printed detail on top of another design, not just blank paper.

Ink Error (Ink Smear)

Ink Errors result from pure mechanical failure. Either the ink jet releases too much ink or the wiper malfunctions and drags wet ink across the surface.

Unlike alignment or folding errors, ink smears don’t alter the structure of the note. Instead, they leave behind bold streaks, blobs, or pools of ink that interrupt the design.

Because each smear forms differently, no two ink errors look alike. Some barely intrude on the portrait. Others overwhelm entire sections of the note.

Collector tip: Random ink blobs differ from normal printing artifacts, size and irregularity matter.

Offset Printing Error

Offset Printing Errors occur when the impression roller contacts the inked plate without paper between them, a paper money equivalent of a coin die clash.

The roller picks up the inked design and transfers it onto the next sheet. Most examples appear as a mirror-image impression of the opposite side, floating faintly over the intended design.

These errors reward careful inspection. At first glance, they look ghostly or accidental. Under closer study, they reveal precise design elements in reverse.

Collector tip: Flip the note over, offset images often match details from the opposite side.

Why Collectors Love Paper Money Errors

Error notes tell stories of machinery, motion, and momentary failure inside one of the most controlled production environments on Earth. They prove that even modern money-making leaves room for chance.

Best of all, you don’t need a dealer or an auction catalog to find one. Many still circulate at face value, waiting for a sharp-eyed collector to rescue them.

So the next time you receive change, take a second look. That “ordinary” bill might be anything but.

The post Five Dramatic Paper Money Errors You Can Find in Circulation appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Seeking stability, Congress passed what is commonly referred to today as the National Gold Bank Act of 1870 (actually part of the Currency Act of July 12, 1870). This legislation authorized a select group of banks, almost entirely in California, to issue a new form of currency: National Gold Bank Notes.

Though their lifespan was brief, these notes occupy an extraordinary place in U.S. monetary history. Today, they stand among the most coveted and visually impressive large-size notes ever produced by the Bureau of Engraving and Printing.

Why Gold Bank Notes Were Created

Unlike standard National Bank Notes, redeemable in “lawful money” and backed by U.S. government bonds, National Gold Bank Notes were redeemable strictly in gold coin.

This redemption promise was key. Californians, long accustomed to hard money and deeply distrustful of paper currency, demanded assurances that any paper note they accepted could be traded for real gold.

The solution was simple in concept but rare in practice: create a circulating note that loudly, visually, and legally guaranteed gold payment.

Between 1871 and 1883, the ten authorized National Gold Banks issued nearly 200,000 notes, totaling $3,465,240 in face value, but only a tiny fraction still survives today.

The Ten Chartered National Gold Banks

Congress authorized only a limited number of institutions to issue these notes, just ten, all located in California except for one bank that later moved operations to Boston.

Chartered National Gold Banks

• First National Gold Bank of San Francisco, CA
• Second National Gold Bank of San Francisco, CA
• California National Gold Bank of San Francisco, CA
• Farmers National Gold Bank of San Jose, CA
• First National Gold Bank of Santa Barbara, CA
• Union National Gold Bank of Oakland, CA
• First National Gold Bank of Petaluma, CA
• First National Gold Bank of Stockton, CA
• Kidder National Gold Bank. Charter #1699. of Boston, MA [You might find the name to be familiar. This is one of the origin companies of what would latter be known as Kidder Peabody.]
• First National Gold Bank of Sacramento, CA

Most banks issued $5, $10, and $20 notes. Far fewer produced $50 or $100 denominations, and the elusive $500 notes, while authorized, have no known surviving examples.

A Distinctive and Artistic Currency

National Gold Bank Notes stand out as some of the most visually compelling notes ever printed by the U.S. Treasury.

Key Design Features

• Bold “Redeemable in Gold Coin” statements
• Gold-tinted Treasury seals
• Bank-specific titles, charter numbers, and serials
• Vivid orange-yellow reverses, unlike the common green seen on typical Nationals

The craftsmanship reflected the era’s highest engraving standards, with meticulous shading, lifelike vignettes, and ornate borders designed to exude trust and stability.

The Most Elusive Notes by Denomination (With representative auction appearances).

Fewer than 600 National Gold Bank Notes are known across all denominations, and the vast majority grade Very Fine or lower.

Below is a summary of the rarest survivors by type.

$5 Notes

Most Scarce Issuer: Farmers National Gold Bank of San Jose
Only a handful survive, with high-grade pieces virtually unknown.

Auction Example:
Stack’s Bowers – 1870 $5 National Gold Bank Note. First National Gold Bank of San Francisco (Fr. 1136) Sold March 2018 Baltimore – Session 5 – The A.J. Vanderbilt Collection of U.S. Paper Money – Lot 11033. PMG Extremely Fine 40 EPQ

From the A. J. Vanderbilt Collection. At time of sale, PMG Population (for Fr. 1136); 1; none finer.

$10 Notes

The Rarest: First National Gold Bank of Petaluma notes are highly sought after. Only 2–3 examples are believed to exist. At the 2014 ANA Stack’s Bowers sale A PMG Fine-15 Petaluma $10 note sold for $126,500.

Auction Example:
Stack’s Bowers – 1873 $10 The First National Gold Bank-Stockton. Charter #2077. PCGS Currency Very Fine 35.  1146 (W-1324). Sold $52,800 August 2018 ANA – Session 4 – The Joel R. Anderson Collection of U.S. Paper Money, Part II – Lot 2068  

PCGS Population: 1; none finer

$20 Notes

Rarest: First National Gold Bank of Santa Barbara Only 1–2 known, likely institutionally held.

Auction Example:
Stack’s Bowers – 1875 $20 The First National Gold Bank. Charter #2193 of Petaluma (Fr. 1157), PCGS Currency Extremely Fine 45. Sold for $228,000 August 2018 ANA – Session 4 – The Joel R. Anderson Collection of U.S. Paper Money, Part II – Lot 2069

Tied for Finest Known with the PMG-Ex Fine 45 example listed below.

$50 Notes

Among the rarest large-size notes of the National Banking era.  Rarest Issuer: California National Gold Bank of San Francisco

Auction Example:
Stack’s Bowers – 1870  $50 The First National Gold Bank. Charter #1741 -San Francisco Friedberg 1160 (W-2825). PCGS Currency Very Fine 35. Sold $384,000 August 2018 ANA – Session 4 – The Joel R. Anderson Collection of U.S. Paper Money, Part II – Lot 2070.

This 1870 $50 National Gold Bank Note is one of just six such notes known for the type.

$100 Notes

Rarest: National Gold Bank & Trust Co. of San Francisco (later Boston)

Auction Example:
Heritage Auctions – 1873 $100 Original National Gold Bank Note, Santa Barbara, Charter # 2104.  Fr. 1164. Sold on Apr 28, 2017 for: $282,000.00 as Lot #21432. PCGS Fine 12

This note is from the Eureka Collection, and is a unique $100 Santa Barbara National Gold Bank Note.

$500 Notes

Authorized but no known survivors. No firm evidence suggests any were ever issued into circulation.

Related Materials:

Uncut Specimen Sheet of (2).  1870 $50 & $100 National Gold Banknotes. Fr. 1160-1166 (W-2834, 3526). Kidder National Gold Bank. Charter #1699. PCGS Currency Gem New 65 PPQ. Face Specimens.

Sold for$66000 at the Stack’s Bowers Summer 2025 Global Showcase Auction: Session 3: U.S. Currency Part 2: National Bank Notes – Lot 21165

There are no known examples of actual notes issued by The Kidder National Gold Bank and all that is available is a handfull of these Face Specimen sheets.

The Iconic Reverse Vignette: A Tribute to American Coinage

One of the most celebrated features of National Gold Bank Notes is their spectacular reverse vignette.  Here is a image of the actual engraving with notes.

Instead of allegorical figures, the Bureau of Engraving and Printing engraved actual U.S. gold coins, piled together in extraordinary detail. This coin vignette was created and used exclusively on the reverses of National Gold Bank Notes.

Some sources claim that Seated Liberty silver dollars, half dollar, and even smaller denominations like the silver quarter and dime are part of the Vignette. This engraving has also been mis-attributed in the past to master engraver Charles Burt. Both assertions are incorrect.

In fact, James Smillie engraved the “reverse pile-of-coins vignette” used on National Gold Bank Notes and shown on Die Proofs. [2] The attribution to Charles Burt appears in some secondary sources, but primary documentation, including engraver roll records and BEP proofs, points strongly to Smillie as the engraver. [3]

All the coins in the engraving are US Gold Coins.

Main Coins Depicted Include:

• $20 Liberty Head Double Eagle
• $10 Eagle
• $5 Half Eagle
• $3 Three Dollar Gold
• $2.50 Quarter Eagles
• $1.00 Gold dollars

The central vignette, includes different denominations of Coronet gold coins ($20, $10, $5, $2.50) as well as Indian Head gold coins ($3 and $1). is considered the largest, most detailed depiction of U.S. Gold coinage ever printed on federal currency.

These are all nestled together in a lifelike arrangement that seems almost three-dimensional in its engraving depth.

It served as a visual guarantee: This note is backed by real gold, here is the gold itself.

No other circulating U.S. note before or since has featured coinage so boldly or so prominently.

The End of the Gold Note Experiment

By the late 1870s, issuing banks found gold redemption increasingly difficult to maintain. As federal monetary policy shifted toward national uniformity, the special status of gold banks faded. Many notes were redeemed and destroyed; others simply disappeared with time.

By the early 20th century, National Gold Bank Notes were effectively extinct in commercial circulation.

Legacy and Modern Collectability

Today, National Gold Bank Notes occupy a special place in numismatics:

• They are exceedingly rare.
• They represent a unique regional experiment in gold-backed currency.
• Their artistry and scarcity place them among the crown jewels of U.S. paper money.

Even heavily worn notes often bring five-figure prices, while high-grade or rare-issuer pieces command six figures with ease.

Collectors’ Tip

If you encounter a National Gold Bank Note, especially from Petaluma, Santa Barbara, or San Jose, consult expert authenticators and recent auction records immediately. Many notes are unique or nearly so, and the market for them remains extremely strong.

Citations

The post National Gold Banks of California: History, Rarity, and the Remarkable Gold Coin Vignette appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Stack’s Bowers Galleries is pleased to announce the results of the recently concluded November 2025 Showcase Auction, which realized more than $28 million. Two sessions devoted exclusively to United States currency featured 407 lots that totaled $1,867,392. (All prices include the buyer’s premium.)

In Session 6, rarities saw impressive realizations above pre-auction estimates.

A Remainder attributable to the “Imperial Government of Norton I” proclaimed by the mad vagrant Joshua Abraham Norton achieved $21,600 (lot 6056) against an estimate of $8,000 to $12,000.

A high-grade 28 Shillings note printed by Paul Revere and pedigreed to the John J. Ford, Jr. Collection (lot 6027) realized $13,200 against an initial estimate of $3,000 to $5,000.

Additional results from Session 6 include:

• Lot 6025: MA-166. Massachusetts. August 18, 1775. 10 Shillings. PCGS Banknote Choice Extremely Fine 45. Realized $12,600.
• Lot 6045: CC-9. Continental Currency. May 10, 1775. $20. PMG Choice Very Fine 35. Realized $10,800.
• Lot 6192: San Jose, California. $10 1874. Fr. 1148. Farmers National Gold Bank. Charter #2158. PMG Very Fine 20. Realized $10,200.
• Lot 6197: Stockton, California. $10 1873. Fr. 1146. First National Gold Bank. Charter #2077. PMG Choice Fine 15. Realized $9,000.
• Lot 6228: St. Louis, Missouri. $100 1902 Red Seal. Fr. 686. Fourth NB. Charter #283. PMG Very Fine 25. Realized $9,000.
• Lot 6019: MD-75. Maryland. July 26, 1775. $2 2/3. PMG Very Fine 25. Realized $8,400.

From Session 7 a series of type notes attracted strong interest from bidders.

One of the finest known Fr. 341 Series of 1880 $100 Silver Certificates of Deposit realized $132,000 (lot 7117). A Fr. 1179 Series of 1905 $20 Gold Certificate (lot 7139), uneclipsed in the PMG Population Report, achieved $120,000, well in excess of the pre- auction estimate of $70,000 to $90,000.

Additional results from Session 7 include:

• Lot 7129: Fr. 831. 1918 $50 Federal Reserve Bank Note. St. Louis. PCGS Banknote Choice Uncirculated 63. Realized $50,400.
• Lot 7140: Fr. 1180. 1905 $20 Gold Certificate. PMG Choice Uncirculated 64 EPQ*. Realized $31,200.
• Lot 7076: Fr. 119. 1901 $10 Legal Tender Note. PCGS Banknote Superb Gem Uncirculated 67 PPQ. Realized $28,800.
• Lot 7119: Fr. 344. 1891 $100 Silver Certificate. PMG Very Fine 30. Realized $28,800.
• Lot 7047: Fr. 2405 1928 $100 Gold Certificate. PCGS Banknote Gem Uncirculated 65 PPQ. Realized $26,400.
• Lot 7050: Fr. 2407. 1928 $500 Gold Certificate. PMG About Uncirculated 53. Realized $26,400.

Complete results for the Stack’s Bowers Galleries November 2025 Showcase Auction are available at StacksBowers.com.

For information about consigning to one of the firm’s Showcase or Online auctions
call 800- 458-4646 or email Consign@StacksBowers.com.

The post Strong Results Follow Important Paper Rarities in the Stack’s Bowers November 2025 Showcase Auction appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

These ultra-high-denomination notes were never intended for your average pocket. Instead, they served specialized roles in banking, inter-agency transfers, and the Treasury’s internal bookkeeping. Yet they remain some of the most intriguing and elusive pieces in American numismatics, each with a story, a purpose, and a mystique all its own.

Let’s take a journey through the giants of U.S. paper currency.

$500 Bill

Bridging Big Transactions in the Banking Era

The $500 note was printed in several series, with the most well-known issued in 1928 and 1934 Federal Reserve Notes featuring President William McKinley. These notes were used primarily for large financial transactions between banks before the days of digital wire transfers. Though technically legal tender today, they were officially discontinued in 1969 due to lack of use.

In daily commerce, these notes were nearly unseen by the public. Their purpose was clear: make moving money easier in an era when high-speed computing and digital ledgers didn’t exist. Imagine moving $50,000 across banks in 1934 using $20 bills, an exhausting pile of 2,500 notes. A stack of $500s made that job lighter, faster, and safer.

Today, most surviving examples are 1934-series Federal Reserve Notes. Earlier issues, such as 1882 Gold Certificates, are much rarer and fetch high premiums at auction.

$500 Bill Quick Facts:

• Portrait: William McKinley
• Key Series: 1928, 1934
• Primary Use: Large bank-to-bank transactions
• Current Status: Legal tender but no longer printed
• Collector Note: Condition and district heavily affect value

$1,000 Bill

Heavyweight of Commerce and Collecting

The $1,000 bill was slightly more visible than the $500 in high-end financial circles but still rarely entered consumer circulation. Like the $500, it was used almost exclusively for large financial transactions and interbank settlements.

The most familiar $1,000 note is the 1934 Federal Reserve Note featuring President Grover Cleveland. Earlier issues include Gold Certificates and Legal Tender Notes from the 1860s to early 1900s. The designs varied significantly over time, reflecting the changing aesthetics and security features of U.S. currency.

These notes were pulled from circulation in the same 1969 recall that ended the $500, $5,000, and $10,000 bills. But collectors today remain captivated by them. Many private collectors and dealers still buy and sell $1,000 bills on the open market, and in some cases, they’re used for very large cash purchases (though rarely).

Because they were printed in larger quantities than the rarer notes below, $1,000 bills are often the entry point for collectors interested in high-denomination notes.

$1,000 Bill Quick Facts:

• Portrait: Grover Cleveland
• Key Series: 1928, 1934
• Primary Use: Interbank transfers, reserve holdings
• Current Status: Legal tender; collectible
• Collector Note: Most affordable of the high-denomination notes

$5,000 Bill

The Presidential Portrait Few Have Seen

The $5,000 bill is where rarity starts to climb dramatically. Featuring a powerful engraving of James Madison, this note was printed in very small numbers and was almost exclusively used for internal transactions among Federal Reserve Banks and other official institutions.

The 1934 series is the most commonly referenced, though even these are exceedingly rare. The vast majority were destroyed following the 1969 discontinuation order. Only a few hundred are believed to still exist today, and most are in the hands of government collections or advanced private collectors.

Interestingly, the portrait of Madison on the $5,000 note differs from his depiction on modern currency or coins. It’s a stately, high-relief engraving showing him in later life, designed to evoke trust and gravity, appropriate for a note almost no one would ever hold.

In terms of value, the $5,000 note has crossed into trophy territory. Even low-grade examples can sell for six figures.

$5,000 Bill Quick Facts:

• Portrait: James Madison
• Key Series: 1934
• Primary Use: Bank-to-bank transfers, reserve holdings
• Current Status: Legal tender, but nearly all removed from circulation
• Collector Note: Fewer than 400 known to exist

$10,000 Bill

Salmon P. Chase’s Forgotten Legacy

The highest-denomination note ever printed for public circulation, the $10,000 bill features Salmon P. Chase, former Secretary of the Treasury and Chief Justice of the Supreme Court. He was instrumental in creating a national banking system during the Civil War and helped introduce the first national paper currency.

The 1934 Federal Reserve Note is the most well-known version, although Gold Certificates and National Bank Notes also exist from earlier periods. Like the $5,000, this note was used almost entirely within the Federal Reserve System.

The government was never interested in putting this kind of value into the hands of the general public. Few commercial transactions required this level of cash. Most $10,000 notes were used to settle large balances between banks or for internal Treasury uses. When digital ledger systems emerged, these notes became obsolete almost overnight.

Surviving $10,000 notes are incredibly rare. While more were printed than the $5,000 notes, fewer have survived in private hands. Security concerns and the potential for fraud led most to be destroyed after their recall in 1969.

$10,000 Bill Quick Facts:

• Portrait: Salmon P. Chase
• Key Series: 1934
• Primary Use: Federal Reserve transfers
• Current Status: Legal tender, virtually all retired
• Collector Note: Often sells for $250,000+ in decent condition

$100,000 Bill

The Ultimate Banknote, But You’ll Never Own One

The $100,000 Gold Certificate is the highest denomination of currency ever issued by the United States, but it was never intended for public circulation. Issued in 1934, this note featured a striking portrait of Woodrow Wilson and was used exclusively for internal transactions among Federal Reserve Banks.

These notes were printed for a short time during the Great Depression and used by the Treasury Department to facilitate the gold reserve transfers authorized under the Gold Reserve Act. They were never legal tender for the public, and possession of one outside of a government vault is strictly prohibited.

The notes were printed on high-quality paper with gold-colored seals and serial numbers, giving them a regal, almost ceremonial look. They were large-size notes, akin to pre-1928 currency, and incredibly impressive in person.

A few examples remain in institutional hands, most famously at the Smithsonian Institution and Federal Reserve Bank museums, but none can be privately owned.

$100,000 Bill Quick Facts:

• Portrait: Woodrow Wilson
• Series: 1934 Gold Certificate only
• Primary Use: Federal Reserve to Treasury transfers
• Current Status: Illegal for private ownership
• Collector Note: Exists only in museums and government vaults

Why Were These Notes Discontinued?

All five high-denomination bills were discontinued on July 14, 1969, when the Treasury and Federal Reserve declared them obsolete. The reasoning was twofold:

Lack of Demand – The advent of wire transfers, checks, and electronic banking had made these notes redundant.

Criminal Use – Law enforcement agencies raised concerns about the use of high-denomination bills in money laundering and organized crime.

As a result, the government began withdrawing them from circulation and destroying those returned to banks. Still, all denominations (except the $100,000) remain legal tender to this day, though you’d be hard-pressed to spend one without calling in a team of Secret Service agents.

Final Thoughts: Titans of a Bygone Era

These towering denominations weren’t meant for wallets or registers. They were tools, short-lived, rarely seen, but vitally important to the infrastructure of early 20th-century banking. Today, they’re among the most desirable collectibles in the world of paper money.

Whether you’re a seasoned currency collector or just discovering the magic of numismatics, the stories behind these high-denomination notes reveal a side of American financial history that is both powerful and, at times, surreal. In a world of digital transactions and crypto assets, there’s something awe-inspiring about the idea of holding a $10,000 bill in your hands, even if just for a moment.

What Would You Do With a $10,000 Bill?

Let us know in the comments!
And here are two questions to get you thinking:

Which high-denomination note would you most want to own, and why?

Do you think the U.S. should ever bring back large bills for today’s economy?

The post Titans of Tender: America’s Ultra-High Denomination Banknotes appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

$2 bills hold a special place in the hearts of many Americans due to their unusual value and their uncommon appearance in circulation. Despite this, $2 Federal Reserve Notes continue to be printed by the Bureau of Engraving and Printing (BEP) and can be acquired at face value at practically any bank.

They also provide an interesting area for collecting, whether you are new to the hobby or a sophisticated collector. In our recent survey of eBay results, we discovered three $2 bill listings that have sold for sizable premiums.

What Is a $2 Bill and Why Are They (Sometimes) Valuable?

The $2 bill is a circulating Federal Reserve Note that has been produced intermittently since March 1862. The design of the $2 bill has changed dramatically over time, with portraits of Alexander Hamilton, George Washington, and Thomas Jefferson appearing on the note’s face.

The famous Series 1896 $2 bill featured an allegorical vignette depicting Science presenting steam and electricity to Commerce and Manufacture on the front, while on the back, portraits of steamboat inventor Robert Fulton and telegraph pioneer and morse code inventor Samuel Morse are seated amidst a bold green guilloché pattern.

In more recent times, Jefferson’s portrait has been framed in the center of the note, making the nation’s third President synonymous with the seldom-used United States currency note.

1953 $2 Bill “Yellow Seal” Star Replacement Note in Uncirculated Condition

Sometimes collecting paper money requires one to pay tuition in the school of Lessons Learned. eBay seller discount_rare_currency_bills offered this chemically-altered $2 Legal Tender Note. When the note left the BEP, the seal and the serial numbers were printed in red ink. These altered Series 1953 Red Seal Notes have been promoted in the hobby as “errors” for quite a long time and some sellers are even up front that the notes have been altered. Sadly, these fake errors sell for big premiums because buyers are not familiar with the scam. Besides these notes being unlisted in any paper money reference, one will see that no examples have been certified by the leading currency grading services. This note cost an unknowledgeable buyer $406; imagine if he or she would have spent a fraction of that money on books.

One wonders why this seller would price such a spurious note at over $400, given their obvious experience selling other notes and errors. Only the occasional listing references the notes as being altered. Apparently, eBay doesn’t police this issue.

Series 1918 $2 National Currency Note of the Federal Bank of Chicago Battleship Note

The $2 “Battleship Note” is one of the most iconic small-size Federal Reserve Notes ever issued. This design is ranked high in Q. David Bowers and David M. Sundman’s 100 Greatest American Currency Notes (2005), and it’s not hard to see why. Featured on the back of this note is a vignette emblematic of the U.S. Navy’s New York Class Battleships, which were built from 1911-1914 . Bowers writes that the engraving was likely based on USS New York, which saw action in both World Wars.

The Federal Reserve Bank of Chicago issued three varieties of this note; the $2 bill that sold on eBay for $1,202 after 56 bids features the third signature combination of Elliot-Burke-Cramer-McDougal.

Fancy, low, binary, Serial Number 2 Dollar Bill PMG EPQ 67

Lucky numbers are a popular niche for paper money collectors. This fancy serial number shows three zeroes followed by two fives and then three more zeroes. This is known to paper money specialists as a “Radar Note“. “Radar” is a word that can be spelled forwards or backwards and radar notes feature a sequence of numbers that do the same. This note was issued by the Federal Reserve Bank of Atlanta, Georgia, and is from Series 2009 featuring the signature combination of Rosie Rios and Timothy Geithner. Graded EPQ 67 by Paper Money Guaranty (PMG), this high grade note sold for $375.

In our opinion, this is a reasonable retail price for a $2 bill of this quality and unusual serial number on eBay.

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This article just scratches the surface of the exciting field of paper money collecting. For more about what you can find on a Federal Reserve Note, check out this primer.

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The post Three $2 Bills Worth Money on eBay appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.