The Bank Note Issues

Part I
by Michael Mills

Three printers, over twenty years of use, myriads of paper and color varieties, security measures, and secret marks are just some of the challenges and rewards that the US Large Bank Note issues offer. However, they are the largest, consistently sought after, and more expensive area for a US specialist. Conversely, Bank Note devotees are probably some of the most knowledgable, dedicated, and satisfied philatelists on the US scene.

The Bank Notes were the stamps of the USA from 1870 through 1893 and in that time there were many permutations and changes in all aspects of their production, as you can well imagine. The stamps followed hard on the heels of the ill-fated Pictorial issues of 1869, and represented more of a return to then-traditional US postage stamps, with everyone wishing to put the upheavals of the failed Johnson Administration behind them.

The previous issues may have failed because of technical production troubles, associted costs, and customer negativity, though to collectors today they seem more modern and elegant. At the time, such niceities weren't appreciated and the Bank Notes were a return to the old format, the old monochromatic dead president themes, and dare we say it, federal patriotism, hero worship, and political agendas.

Issuance

Earliest known usages for the stamps in the series run from March to June of 1870, though over the course of the series new designs were brought out over time. In 1882, the common US domestic letter rate dropped from three- to two-cents. The original three-cent was a bust of President Washingon, and in 1883 a new two-cent Washington replaced the original President Jackson design. This old Jackson design then was revalued to four-cents to cover double letter rates.

In the summer of '81 the sitting president was assassinated, and the Garfield five-cent Banknote was brought out in early 1882. Likewise, in '87 the one-cent was given a new frame.

This Banknote series runs from SG #136-179 and #184-19-206, running though printers and varities along the way.

Designs

The designs were traditional for the US at the time and all the vignetes of the presidents and Ben Franklin were based on well known sculptured busts by acknowledged masters of the day. For example, Franklin's portrait was based on Rubricht's bust of the man, while Commodore Perry's was based on the statue by Walcott. There were no more trains and ponies as in the Pictorials of '69.

Three Companies were engaged by the US Post Office at different times to produce the issues; National Banknote Company from 1870-73, Continental Banknote Company from 1873-1879, and the American Banknote Company from 1879-1890. In the scheme of business acquisitions and mergers Continental and American merged in 1879 and the new company simply continued to do business as the American Bank Note Company.