Large size notes are a popular option for collectors when it comes to paper money. However, according to authors of the 100 Greatest American Currency Notes published by Whitman Publishing, this next issue is the “crème de la crème” of the $1 large note variety. Those authors, Q. David Bowers and David M. Sundman, will continue to guide us through our blog series journeying through the compilation as we look closer at this top 50 pick.
#45 – Original and Series 1875 $1 National Bank Note “Ace”
First issued in 1865, Original Series $1 National Banks Notes were often referred to as “aces.” The notes were printed on sheets of four ($1-$1-$1-$2) and were made by the American Bank Note Co. and the National Bank Note Co. as each company was responsible for one side. The face features the American imprint, which were then (the sheets) shipped to the Treasury department in Washington, D.C., to finish putting serial numbers and Treasury seal on them. All Series 1875 notes, and some later issued Original Series, featured serial numbers printed in red.
Over 23.1 million $1 notes were distributed over a 15-year period. Authors Bowers and Sundman estimate the ratio as around 80% of the Original Series and 20% of the Series of 1875. The notes featured the vignette of Concordia on the face with the Landing of the Pilgrims at the center of the backs. A state seal was to the left, and a patriotic eagle was to the right. The Series 1875 also reflected a vertical imprint on the left side on the face that noted they were printed in Washington, D.C., by the Treasury. The American Bank Note Co. was also named on the printing plates. Shipments of both the $1 and $1 large size notes were halted in January of 1879.
Collectors who scour the notes often pay more attention to the place of issue rather than the signatures gracing them. This is because some of the locations, like South Carolina and Wyoming in this case, are rarer. Other places that are quite rare are Alabama, District of Columbia, Montana Territory, West Virginia, Utah Territory, and more. Eastern states see more of these notes.
In 1960, historic market value for the Original and Series 1875 $1 National Bank Note “Ace” in a Gem Crisp Uncirculated condition was $100. By this publication (2006), it increased to $3,500.
