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The 1917 $2 Legal Tender Note, cataloged as Friedberg #60, is one of the most visually striking and historically significant pieces of early U.S. paper currency. As part of the long-running series of United States Notes, or Legal Tender Notes, this issue represents the final chapter of large-size U.S. currency before the transition to smaller, more standardized notes in 1928. The 1917 series retained many design elements from earlier issues, making it one of the most elaborate and ornate banknotes ever produced by the U.S. Bureau of Engraving and Printing. With its intricate design, historical significance, and strong collector demand, the 1917 $2 Legal Tender Note remains a prized example of early 20th-century American paper money.
The Legal Tender Note series has its origins in the Legal Tender Act of 1862, which authorized the issuance of non-interest-bearing paper money to help finance the Civil War. Unlike previous Demand Notes, which could be redeemed for gold or silver, Legal Tender Notes were backed solely by the credit of the U.S. government. Despite initial skepticism, these notes became widely accepted and played a crucial role in the development of the nation's financial system. By 1917, Legal Tender Notes had been in circulation for over half a century, but they were gradually being phased out in favor of Federal Reserve Notes and other more modern forms of currency.
The obverse of the 1917 $2 Legal Tender Note is one of the most detailed and intricate designs ever featured on U.S. currency. At the center of the note is a finely engraved portrait of Thomas Jefferson, the third President of the United States and the principal author of the Declaration of Independence. Jefferson’s image is framed by elaborate scrollwork and decorative flourishes, emphasizing his importance in American history. His presence on the note reflects his contributions to the founding of the nation and his role in shaping early U.S. financial policies.
To the left of Jefferson’s portrait is an artistic vignette depicting a scene known as “The Capitol.” This detailed engraving shows a representation of the U.S. Capitol building, a symbol of American democracy and legislative power. The intricate architectural details captured in the vignette showcase the skill and craftsmanship of the engravers at the Bureau of Engraving and Printing. Above the vignette, the words "United States" are prominently displayed in an elegant script, reinforcing the note's federal backing.
The right side of the obverse features the Treasury seal in red ink, a distinguishing feature of Legal Tender Notes from this era. Below the seal, the serial numbers are printed in matching red ink, adding to the note’s visual appeal. The large, bold inscription “UNITED STATES NOTE” is prominently placed near the bottom, confirming the legal status of the currency. The denomination “TWO DOLLARS” is displayed in decorative script at the bottom center, with additional numerical representations in the corners.
The reverse of the 1917 $2 Legal Tender Note is equally impressive, featuring an intricate green design that served as an anti-counterfeiting measure. The bold inscription “UNITED STATES OF AMERICA” and “TWO DOLLARS” are centrally placed, surrounded by elaborate geometric patterns and scrollwork. This ornate background, combined with the deep green ink, earned these notes the nickname “greenbacks.” The highly detailed reverse design was a hallmark of large-size currency, adding to both the aesthetic and security features of the note.
The 1917 $2 Legal Tender Note was printed by the Bureau of Engraving and Printing (BEP), which had been responsible for producing U.S. paper money since the 1870s. The BEP employed state-of-the-art printing techniques to create notes that were both visually stunning and highly resistant to counterfeiting. The meticulous engraving work on this note reflects the highest standards of craftsmanship, making it a masterpiece of early American banknote design.
As one of the final large-size $2 Legal Tender Notes issued before the adoption of small-size currency in 1928, the 1917 series represents the end of an era in U.S. paper money history. While exact mintage figures are difficult to determine, millions of these notes were printed and circulated across the country. However, as newer forms of currency replaced them, many were redeemed and destroyed, reducing the number of surviving examples. Today, well-preserved specimens are highly sought after by collectors and historians alike.
The condition of this particular 1917 $2 Legal Tender Note, graded XF40 (Extremely Fine 40) by Legacy, indicates a well-preserved example with moderate circulation wear. A grade of XF40 signifies that the note retains most of its original design details while exhibiting some signs of handling, including light folds and minor creases. Despite these minor imperfections, the overall eye appeal remains strong, making it an attractive example for collectors.
In an XF40 example, the ink remains sharp and well-defined, with minimal fading or discoloration. The black engraving on the obverse is crisp, allowing every intricate detail of Jefferson’s portrait, the Capitol vignette, and the decorative scrollwork to be fully appreciated. The red Treasury seal and serial numbers remain bold and vivid, adding to the note’s overall visual appeal. On the reverse, the green ink retains its depth and clarity, with no significant signs of fading or damage.
The note’s paper remains firm and well-structured, with no major tears, holes, or excessive wear. While minor handling marks may be present, they do not significantly detract from the note’s overall presentation. The edges remain relatively intact, and the centering of the design is well-proportioned, ensuring that all elements are evenly spaced within the margins. Collectors value XF40 notes for their balance between affordability and quality, making them an excellent choice for those seeking well-preserved examples without the high premiums associated with uncirculated grades.
The market demand for the 1917 $2 Legal Tender Note remains strong, particularly for notes in higher grades. Collectors and investors alike seek well-preserved examples due to their historical significance, artistic beauty, and relative scarcity. The fact that this note represents one of the final large-size Legal Tender issues adds to its desirability, as it marks the transition from ornate, elaborately designed banknotes to the more standardized small-size notes introduced in 1928.
The legacy of the 1917 $2 Legal Tender Note extends beyond its numismatic value. As a tangible piece of America’s financial history, it serves as a reminder of the evolution of U.S. paper money and the transition from early federal banknotes to the modern currency system. The note’s intricate design, historical context, and rarity make it a valuable addition to any collection, appealing to both seasoned numismatists and those new to the hobby.
The 1917 $2 Legal Tender Note Fr#60, graded XF40 by Legacy, is a numismatic treasure that embodies the elegance and historical importance of early 20th-century U.S. currency. Its striking design, featuring Thomas Jefferson, intricate scrollwork, and vibrant red and green color elements, makes it a standout piece in any collection. With its well-preserved condition and strong market demand, this note remains a prized collectible, ensuring its continued appeal among enthusiasts of American paper money.