| One of the great collecting areas anyone
can become involved in is collecting large size paper money that
was issued between 1862 and 1929. All large size notes
circulated in our country until the small size notes came into
existence on July 10, 1929. One popular area we enjoy collecting
is the Deuce or Two Dollar denomination. This denomination was
issued between 1862 and 1918 and contained ten different issues.
Large size notes are nicknamed, "Saddle or Horse
Blankets," and "Old Series Notes," and measure 7
3/8 inches by 3 1/8 inches. With few exceptions, black and green
are the dominant colors. The face is printed in black on white
paper, and all bear portraits of famous Americans or allegorical
scenes. With a few exceptions, most backs are printed in varying
shades of green. All of them are still redeemable by the United
States government today. These notes offer to you some of the
most attractive and interesting pieces of paper money ever
printed by our government. Though literally millions of notes
from the different issues were placed in circulation, they are
relatively scarce today compared to coins, especially in
uncirculated condition. Information is provided for the back
designs of the deuces, that have portraits or vignettes.
The Legal Tender or United States Notes
are generally called "Greenbacks," and were one of
Secretary of the Treasury, Salmon P. Chase's emergency measures
for financing the Civil War. These notes are Legal Tender for
all debts, public and private, except duties on imports and
interest on the public land. There were five different issues of
Legal Tender Notes, but only the Second and Fourth Issue Notes
contained Deuces. The Second Issue Notes were authorized by the
Congressional Act of July 11, 1862 and are dated August 1, 1862.
A portrait of Alexander Hamilton, which was engraved by Joseph
P. Ourdan, is on the left side of the Series of 1862 note.
Hamilton was born in 1757 and died after being shot in a duel
with Aaron Burr in 1804. Appointed by President Washington to
become our first Secretary of the Treasury in 1789, he resigned
in 1795. Figures #1 (face) and #2 (back) are copies of a $2
Series of 1862 Legal Tender Note. They have been reduced in
size. Please note the "3" at the lower center on the
face of the note. The $3 denomination came close to being a
reality in our paper money system. Plates had been prepared, and
at least one plate proof sheet of 4, $3 bills is known. For some
reason, the $3 denomination was never released for circulation.
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Figure 1
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Figure 2
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The Fourth Issue Notes were authorized by the
Act of March 3, 1863. Deuces were issued in the Series of 1869,
1874, 1875, 1878, 1880 and 1917. With the exception of the back
design on the Series of 1869, the face and backs of all these
Series is virtually the same. Starting with the Series of 1869
Note, the United States Government began the use of silk (red
and blue) fiber paper in its banknotes. The silk fibers were
added in this and all subsequent issues to deter counterfeiting.
From this series to today, silk fibers are still embedded in all
of our paper money. The 1869 Series is referred to as the
"Rainbow Series," because of the beautiful fibers used
in the paper. On left is a portrait of Thomas Jefferson who was
born in 1743 and died in 1826. He was our country's third
president and served from 1801 to 1805. This portrait was
engraved by Charles Burt. At center is the vignette of,
"The Capitol," which was engraved by Louis Delnoce and
William Chorlton. The Series of 1869 Notes are called Treasury
Notes and the other Series from 1874 to 1917 are called United
States Notes. Figure #3 is a $2 Series of 1917 Legal Tender
Note. It has been reduced in size. This was the last Series
issued of the $2 denomination.
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Figure 3
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National Bank Notes followed and came into
existence by an Act of Congress on February 25, 1863. This Act
provided for National Banks and the issuance of notes by them.
The banks issued notes against United States Bonds, deposited by
them with the Treasurer of the United States. Banks could issue
an amount limited to 90% of the par value of bonds so deposited.
The early issues of these notes were printed by private bank
note companies (American, Continental and National) and
delivered to the Treasurer for number, control, and distribution
to the banks.
The face of each note had the name of the
issuing bank's city, charter number of the bank, and signatures
of the bank officers. Around October, 1877, the production of
all National Bank Notes was taken over by the Bureau, Engraving
& Printing. National Bank Notes form the most plentiful and
extensive series of American paper money.
National Bank Notes are divided into three
different Charter Periods.
- The First, 1863-1882 [Original (no
series date on note) and Series of 1875];
- Second, 1882-1902
(Brown Backs, Date Backs and Value Backs); and
- Third 1902 (Red
Seals, Blue Seals with dates and Blue Seals without dates on
back).
Only the first charter period contained Deuces which were
issued until 1902. The Original or
Series of 1875 Deuce has at left a vignette of Stars and
Stripes, which was engraved by Louis Delnoce. Delnoce also
engraved the back vignette of Sir Walter Raleigh Presenting Corn
and Tobacco to the English. The back also contains on left the
various State Seals and on right an Eagle. Photo #1 contains the
face of a lazy Deuce from the Will County National Bank of
Joliet, Illinois. Approximately 13,269 Banks were chartered
during the three different charter periods.
National Banks received a Charter for 20 years, which was
renewable upon application. Because the "2" is lying
on its side, the note is called a Lazy Deuce. The Lazy Deuce is
very attractive and scarce in uncirculated condition.
Silver Certificates are probably the most
beautiful of any notes ever issued by our Government.
The Acts of February 28, 1878 and August 4, 1886 authorized all
the Silver Certificates that were issued. There were five
different issues and only the Second, Third and Fourth Issues
contained Deuces. The back of the notes read, "This
certificate is receivable for customs, taxes and all public dues
and when so received may be reissued." They were all backed
by Silver Bullion. The Second Issue contained the Series of
1886, 1891 and 1908. The Series of 1908 contained no Deuces. The
Third Issue consisted of the Series of 1896, which are referred
to as the Educational Notes ($1, $2 and $5). The Fourth Issue
consisted of the Series of 1899.
The Second Issue, Series of 1886 Note, has
on the left a portrait of General Winfield Scott Hancock which
was engraved by Charles Schlecht. General Hancock was born in
1824 and died in 1886. During his life, he served for 20 years
as the Commanding General of the U. S. Army. The Second Issue,
Series of 1891 Note has at center a portrait of William Windom
which was engraved by W. G. Phillips. Mr. Windom was born in
1827 and served as a Congressman and Senator. While serving his
second appointment as Secretary of the Treasury, he suddenly
died in 1891 after concluding an important speech at Delmonico's
in New York. The Third Issue, Series of 1896 Note has at center
Science Presenting Steam and Electricity to Industry and
Commerce. This beautiful allegorical vignette was designed by
Edwin H. Blashfield and engraved by Charles Schlecht and G. F.
C. Smillie. Thomas F. Morris designed the rest of the face. On
the left back of the scarce Series of 1896 Note is a portrait of
Robert Fulton, who was born in 1765 and died in 1815. He is
known as the inventor of the steamboat. Benjamin West's painting
was used by Charles Burt to engrave the portrait. On the right
is a portrait of Samuel F. B. Morse, who was born in 1791 and
died in 1872. He is known as the inventor of the
electro-magnetic telegraph. This portrait was engraved by
Charles Schlecht. Thomas F. Morris designed the entire back. The
Fourth Issue is the Series of 1899 which was authorized by the
Act of August 4, 1886. At the center is a portrait of President
George Washington, who is flanked by Mechanics and Agriculture.
The note was engraved by G. F. C. Smillie and M. W. Baldwin.
President Washington was born in 1732 and died in 1799 and is
commonly referred to as "The Father of our Country."
Treasury or Coin Notes were issued as a
result of the Legal Tender Act of July 14, 1890. The Act
authorized the Secretary of the Treasury to issue these notes in
payment for silver bullion purchased by the Treasury Department.
The entire issue was backed by silver and gold reserves. The
notes were redeemable in actual coin, but whether it was gold or
silver was left to the discretion of the Secretary of the
Treasury. The redemption of Treasury Notes practically
bankrupted the Treasury by 1893 and caused a major panic. The
Series of 1890 or 1891 Treasury or Coin Note Deuce has portrayed
on the right a portrait of James B. McPherson. He was born in
1828 and died in the Civil War in 1864. Charles Burt engraved
the portrait.
Federal Reserve Bank Notes came into
existence with the establishment of the Federal Reserve System
in 1913. These notes were issued under conditions that were very
similar to the National Bank Notes. The obligation to pay the
bearer on demand is made by the specific Federal Reserve Bank
and not by the United States Government. These notes contain
many government and bank signatures. All denominations of this
issue, although modern looking, are quite scarce. Only about two
million dollars is outstanding out of a total issuance of nearly
762 million dollars.
There were two separate issues. The Series
of 1915 was authorized by the Federal Reserve Act of December
23, 1913 and denominations between $5 and $20 were issued. Only
a few of the twelve Federal Reserve Banks issued these notes.
The Series of 1918 was authorized by the Act of April 23, 1918.
Denominations between $1 and $50 were issued. Not all Federal
Reserve Banks issued all denominations, although the Deuce was
issued by all of them. The 12 Federal Reserve Banks
are: Boston, New York, Philadelphia, Cleveland, Richmond,
Atlanta, Chicago, St. Louis, Minnesota, Kansas City, Dallas, and
San Francisco. The Series of 1918 Federal Reserve Bank Note
Deuce is dated May 18,1914. This note is commonly referred to as
the "Battleship Note." Portrayed at
left is Thomas Jefferson who was born in 1743 and died in 1826.
He was our country's third president and served from 1801 to
1805. This portrait was engraved by Charles Burt.
The back of the Federal Reserve Bank Note
Deuce portrays a beautiful vignette of the World War 1
"Battleship New York," which was engraved by C. M.
Charmers. All large size currency owes its existence to the
start of the Civil War in 1861, and a desperate need to help
finance the war effort. The Demand Notes of 1861 ($5, $10 and
$20) were followed quickly by $5 Legal Tender Notes in 1862.
The Legal Tender Deuces followed the $5
1862. On August 29, 1862, four women and two men began to
separate and trim one and two dollar Legal Tender Notes that had
been printed by private bank note companies. This small
operation was done in the First Division of the National
Currency Bureau (located in the Treasury Building). The
following year an additional 70 women were employed to perform
this job. It wasn't until the Fall of 1863 that the Engraving
and Printing Bureau of the Treasury Department printed its own
currency. This "Engraving and Printing Bureau"
name was submitted for recognition in 1864 by Treasury Secretary
Salmon P. Chase. Finally, on March 3, 1869, an Appropriations
Act was signed by President Andrew Johnson giving recognition to
this agency. On October 1, 1887, the name was changed to the
Bureau of Engraving and Printing (BEP). The printing, separation
and trimming of all United States currency was then handled by
them. We will mention that at various times between 1861 and
1876 private bank note companies were contracted to make
different issues. Paper money is not dated each year of issue,
but has a series year which is generally the year in which the
note was designed and approved. It
is possible to only approximate the year of issue by determining
the dates served in office by the signers of the note. The
series year is generally changed when there has been a major
revision in the design of the note.
Large size issues that didn't include the
Deuce denomination were: Demand Notes of 1861; Interest Bearing and Compound Interest Treasury Notes; Refunding
Certificates; Gold Certificates; California Gold Bank Notes; and
Federal Reserve Notes. Denominations issued in the large
size included: $1, $2, $5, $10, $20, $50, $100, $500, $1,000,
$5,000 and $10,000 notes. During 1861 and 1929 our government
produced about 140 different designs and about 1,200 varieties
of notes. A number of notes were so successfully counterfeited
that the Government deemed it wise to discontinue their issue.
Thus, this helped to bring about many different designs and
series.
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