Noteworthy Notes: The Unique In Private Hands Series 1875 $500 New York, NY National Bank Note

PCGS - PCGS Banknote recently had the opportunity to grade the Series 1875 $500 New York, NY National Bank Note. This unique rarity was graded VF20 with notations of Repairs and Pinholes. But what's the story behind this most unusual note?



The National Banking Act of 1863 gave impetus to the establishment of national banks in the United States, with the goal of creating a national currency that was backed by government securities held by other banks. From the start, the highest denominations were available to be printed for each bank, the $500 and the $1,000. Some 100 banks decided to issue $500s; that said, a mere 4,371 banknotes were ever printed of the denomination. Of that output, a single example is known in private hands. The plate date on the note featured here is 1876, and the inflation calculator suggests the face value of this note is equivalent to more than $12,000 today - quite the sum for someone to set aside way back when!

This banknote features beautiful artwork on each side. Starting with the face of the note at the left we see a vignette titled "The Spirit of the Navy," with a sword-wielding female figure known as "Civilization" by the Treasury Department. She is seen sitting on a cannon with a battleship in the background and an armed camp, in the far background is a tranquil scene of a farmhouse with a rainbow overhead.

Read the Entire Article