In this blog series covering Whitman Publishing’s 100 Greatest American Currency Notes publication, there are a number of notes (or series of notes) that collectors flock to. It makes sense considering that this list has been carefully curated from surveys taken among collectors, writers, and dealers in the paper currency field. However, as well-versed in the field they might be, some of the notes on the list have never been seen in person by most. That is certainly the case for our next entry in the series as we follow along with authors Q. David Bowers and David M. Sundman.
#2 - Civilization or the Spirit of the Navy $500 National Bank Note, Original and Series of 1875
Sitting at #2 out of 100, this note has one of the biggest characteristics involved in making a list such as this: rarity. The $500 National Bank Notes, Original and Series of 1875, are rare to the point that most collectors have never actually seen one. Don C. Kelly, a paper money expert, noted at the time of this publication that there were just three examples of the Original Series (F-464) surviving with just a single Series of 1875 (F-464a) out there still. Two of the four total (with both series) are in the hands of the government. The Original Series featured the printed signature with Colby-Spinner and the Series of 1875 features the printed signature of Allison-New.
In total, there were 21,645 notes made in the Original $500 Note Series with the first to have been sent to the Merchants National Bank of Boston in October of 1864. The Series 1875 $500 Notes totalled just 6,368 notes with the last of them being sent to the Western National Bank of Baltimore in June of 1885. The Treasury still reports that a total of 173 notes are still outstanding. With so many of the notes being made, authors Bowers and Sundman claim that it would be “reasonable” that there were still out there undiscovered. They also reason that perhaps that is not the case as they are still so rare.
On the face of the notes, a female is standing left of center with a sword, this depiction titled “Civilization” by the Treasury department. A cannon is seen in the foreground with a battleship depicted in the distance to her left. An armed camp is featured to her right. Above is a rainbow and in the farthest distance of the image is a farmhouse in a rural setting. This is named “The Spirit of the Navy” from Friedberg in Paper Money of the United States.
To the right of center on the face is a vignette of a ship, more specifically the Sirius, as it arrives in New York City. This was a notable event in the news a generation prior to the notes release as the first ships to cross the ocean under steam power came from England on April 23, 1838. One of the first to arrive, the Sirius took 18 days and 10 hours to make the trip all the way from London as the second ship, the Great Western, took 15 days traveling from Bristol.
The back of the $500 notes features a scene titled “The Surrender of Burgoyne to General Gates at Saratoga.” It was modeled after the painting by John Trumball.
In 1960, the historic market value placed this note in Extremely Fine condition at $6,500. By this publication in 2006, that same note rose to $1,500,000.
