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The 1917 $1 Legal Tender Note is a significant piece of U.S. currency, marking a critical period in the history of American paper money. As part of the 1917 series, this note was issued during a time of global conflict, when the United States entered World War I. The U.S. government had to increase funding for the war effort, and one of the ways to do so was through the issuance of legal tender notes, which were backed by the U.S. Treasury’s reserves. The 1917 series represents a transition in U.S. currency, moving away from the large-format notes used before 1929, and offers a glimpse into the economic and political challenges faced by the country during this time. The 1917 $1 Legal Tender Note is notable not only for its historical significance but also for its intricate design, which makes it a highly collectible piece for numismatists.
The 1917 $1 Legal Tender Note was issued under the Federal Reserve Act of 1913, which led to the creation of the Federal Reserve System. The Federal Reserve took over the task of regulating and overseeing the U.S. monetary system, including the issuance of currency. The 1917 $1 note was part of the first full issue of notes from the Federal Reserve System, following the establishment of the Federal Reserve Banks. These notes were issued to help stabilize the U.S. financial system and to ensure the availability of money for various governmental and military expenditures during World War I. The 1917 $1 Legal Tender Note continued the use of the traditional U.S. Treasury-backed currency system but added a modern twist by introducing Federal Reserve involvement in its issuance. This note also served as a means of public trust in paper money during a time when the U.S. government was transitioning to new systems of financial management and oversight.
The design of the 1917 $1 Legal Tender Note is both historic and symbolic. On the obverse, the note prominently features a portrait of George Washington, the first President of the United States. His face has been a central element in American currency for centuries, and his likeness here emphasizes the importance of leadership and the nation's ideals. Washington’s portrait is set against a background of ornate flourishes and engraved details, which give the note a sense of formality and historical gravitas. The phrase “THE UNITED STATES OF AMERICA” is displayed at the top of the note, with the denomination of "ONE DOLLAR" boldly placed below. The note also bears the words “LEGAL TENDER” along with the Treasury seal, affirming the note’s validity as currency. The serial numbers and the signatures of the Treasury officials are also visible, further ensuring the authenticity and legitimacy of the note. This design reflects the strength and unity of the United States at the time of issuance.
The reverse of the 1917 $1 Legal Tender Note is less ornate but still carries symbolic meaning. The main design element on the reverse is the large text “ONE DOLLAR” placed in the center, surrounded by smaller engravings and inscriptions. This simple but effective design was meant to clearly convey the note's value, making it easy to read and recognize in circulation. Surrounding the central denomination are security features such as the Treasury seal and the signature of the Treasury official. The reverse also includes the phrase “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE,” a legal statement that confirmed the note’s status as a valid form of currency for all transactions, public or private. This wording reinforced the full faith and credit of the U.S. government behind the note and was an important part of the note’s function as money. The reverse design is clean, focusing on the note’s value and ensuring its recognition and utility as a circulating currency.
The 1917 $1 Legal Tender Note was printed by the Bureau of Engraving and Printing, the U.S. government’s agency responsible for producing all U.S. paper currency. The Bureau employed advanced engraving techniques to produce the fine details seen in the design, including the portrait of George Washington and the decorative elements around the note. The notes were printed on high-quality paper composed of cotton and linen fibers, which helped them withstand the wear and tear of circulation. The engraving and printing processes ensured that the 1917 $1 note was not only secure but also visually appealing. The careful craftsmanship behind the note made it both a functional piece of currency and an artistic representation of the nation’s financial stability during a critical time in history.
The mintage of the 1917 $1 Legal Tender Note was significant, as it was part of the first full issue of Federal Reserve Notes, which were produced in large numbers to meet the demands of the U.S. economy during the early 20th century. However, due to the nature of paper currency and the regular cycles of replacement, many of these notes became worn and were destroyed over time. As a result, surviving examples of the 1917 $1 Legal Tender Note in high condition are relatively rare. The notes that were used in everyday transactions became heavily worn, with many showing signs of fading, creases, and tears. Higher-grade notes, particularly those in Very Fine (VF) condition or better, are sought after by collectors because of their rarity and historical significance. The 1917 $1 Legal Tender Note is prized for its role in U.S. history and its design, making surviving examples highly desirable in the numismatic market.
The 1917 $1 Legal Tender Note in VF (Very Fine) condition is considered to be a well-preserved example of this historic note. In VF condition, the note will exhibit light signs of wear, such as slight creases and folds, but the overall design and features will remain relatively sharp and clear. The portrait of George Washington will still be distinguishable, with only light fading in the details. The serial numbers and Treasury seal will remain fully legible, and the text will be clear. The edges of the note may show some signs of rounding or slight fraying, but the note will not have major tears or holes. The note will retain much of its original color, though there may be some minor discoloration due to handling. Overall, a VF 1917 $1 Legal Tender Note is a valuable and well-preserved example of early 20th-century U.S. currency.
Collectors value the 1917 $1 Legal Tender Note for several reasons. First, it represents a pivotal moment in U.S. monetary history, as it was issued during World War I and served as part of the financial foundation for the nation’s war effort. The note’s design, featuring the iconic portrait of George Washington, also reflects the country’s ideals and reverence for its founding figures. Additionally, as one of the first notes issued under the Federal Reserve System, the 1917 $1 Legal Tender Note marks a critical moment in the evolution of U.S. paper money. The note’s historical significance, coupled with its distinctive design, makes it highly collectible. Collectors and investors alike seek the 1917 $1 note for its rarity, its connection to the U.S. financial system, and its enduring appeal as a piece of American history.
In conclusion, the 1917 $1 Legal Tender Note in VF condition is a remarkable and valuable piece of U.S. paper currency. The note’s role in financing World War I, along with its design featuring the portrait of George Washington and its status as a legal tender note, ensures its place in the history of U.S. currency. The high-quality production and intricate engraving make this note a testament to the Bureau of Engraving and Printing’s craftsmanship. Despite the passage of time and the wear that many notes from this series experienced, the 1917 $1 Legal Tender Note remains a prized collectible for those interested in the history of American money and its connection to key events in U.S. history. Whether for its historical importance or its aesthetic appeal, the 1917 $1 Legal Tender Note is a significant artifact of U.S. financial history.
