Why Series 1915 & 1918 Large Size Failed.

From a novice collector’s view point Federal Reserve Bank Notes (FRBNs) are confused with National Bank Notes because they state ‘National Currency’ across the top. The twin Series 1915 & 1918 FRBNs look the same yet each have their own narrative and history. From a way to replace National Bank Notes to unscrupulous silver mine owners, questionable politicians, a U.S. Treasury fire sale, World War I, and the minting of both 1921 silver dollars FRBNs have quite the story to tell. The convoluted story of 1915 & 1918 Large Size Federal Reserve Bank Notes, silver mine owners, politics, the US Treasury, WWI & the 1921 Silver Dollars.

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Whether you're new to paper money collecting or a seasoned expert, there's always something exciting to discover. Polar Currency (   / @polarcurrency  ) explores the history of U.S. paper money, different types of banknotes, and ways to build your collection. Before the U.S. government issued paper money, state-chartered banks and private institutions provided their own currency, known as Obsolete Banknotes (or simply Obsolete Notes). These notes were used from 1792 to 1866 due to the federal government’s reluctance to issue paper money. Over 8,000 banks issued their own banknotes, making this period one of the most diverse and complex for collectors. However, obsolete notes had major drawbacks: 1) They were only as reliable as the bank that issued them; 2) A wide variety of designs encouraged counterfeiting; and 3) They were often only accepted near their place of origin.

With the outbreak of the Civil War in 1861, the U.S. government needed a stable national currency, marking the end of obsolete banknotes and the beginning of federally issued money. The first federally issued paper money appeared in 1861, during the Civil War. Since then, the U.S. Treasury and the Federal Reserve have issued several different types of notes, including: United States Notes (Legal Tender Notes) – Issued from 1862 to 1971, featuring red seals; Gold Certificates – Backed by gold and issued from 1863 to 1933; Silver Certificates – Redeemable for silver, issued from 1878 to 1964; National Bank Notes – Issued by national banks from 1863 to 1935; Treasury Notes a short lived series, also called “Coin Notes” issued from 1890-1900; Federal Reserve Bank Notes – Another short-lived series issued in 1915 and 1918; Federal Reserve Notes – Introduced in 1914 and still issued today, now featuring green seals and serial numbers.

There are many ways to build a collection, and each collector has their own specialty. Popular collecting strategies are by Banknote Type – Collecting specific categories like Gold Certificates, Silver Certificates, or National Bank Notes; by Serial Numbers – Fancy serial numbers, low numbers, or star notes (replacement notes); Error Notes – Misprints, double denominations, or inverted serial numbers; National Bank Notes – Collecting notes issued by specific towns or banks; Large-Size vs. Small-Size Notes – Large-size notes (1861-1928) vs. small-size notes (post-1928) and Modern U.S. Banknotes.

Since 1928, U.S. currency has been standardized into small-size banknotes, but designs have evolved. 1928-1996 notes are known as Small Head Banknotes, these had smaller portraits with the familiar green printed back. 1996-2003 saw the first major redesign introduced in 75 years with larger portraits and color-shifting ink these are called “Big Head” notes or Monochrome banknotes because of the new design issued in 2004. From 2004-Present modern currency has been colorized with features security enhancements, vibrant colors, and watermarks to combat counterfeiting.

If you're serious about collecting, authentication and grading are key. Professional grading services like PMG (Paper Money Guarantee) and PCGS Banknote are the numismatic industry standard. There are other grading services but do not have the market or collector confidence that PMG and PCGS-Banknote have. Grading ensures a note’s authenticity and assign it a grade based on its condition. Having banknotes graded and encapsulated also helps preserve them for future collectors.

Collecting U.S. paper money is more than just a hobby—it’s a journey through history. Whether you focus on obsolete banknotes, fancy serial numbers, or error notes, there’s something for everyone in the world of numismatics. World Banknotes are also a vast area to collect with a large subject area to collect and can also be more affordable.

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