Stack's Bowers Offered an 1899 $2 'Mini-Porthole' Silver Certificate With the Napier-McClung Signatures

This article is based on a CoinWeek report published on August 27, 2026. It concerns a single Series 1899 $2 Silver Certificate that Stack's Bowers Galleries said it would offer in its Summer 2026 Global Showcase Auction, whose U.S. Currency portion ran September 2-4, 2026. The item is a paper note, not a coin.

The Series 1899 $2 Silver Certificate is known for a compact portrait of George Washington at the center of the face. Collectors gave the design the nickname "Mini-Porthole."

The Note That Was Offered

The note carries the engraved signatures of James C. Napier and Lee McClung. That pairing identifies it as Friedberg 253 (Fr. 253).

Stack's Bowers listed the note as Lot 22032. PCGS Banknote graded it Gem Uncirculated 65 PPQ. Stack's Bowers estimated it at $2,500 to $3,500. The auction house reported a PCGS Banknote population of two at the grade, with five finer.

How Silver Certificates Began

During the 1870s, Americans fought political battles over gold, silver, inflation and the money supply. The Coinage Act of 1873 eliminated the standard silver dollar from the list of coins the Mint could produce. Silver advocates later called the measure the "Crime of '73."

Congress passed the Bland-Allison Act on February 28, 1878. The law required the Treasury to purchase silver and coin it into dollars, and it authorized Silver Certificates. Congress enacted it over President Rutherford B. Hayes' veto.

Silver dollars weighed far more than paper money. Silver Certificates let holders carry paper while the Treasury held silver dollars against the certificates. Congress at first limited Silver Certificates to denominations of $10 and above. In 1886, it authorized $1, $2 and $5 denominations.

The Design

The Series of 1899 $2 certificate dropped the neoclassical composition of the 1896 Educational Series. The Bureau of Engraving and Printing adopted a more traditional layout with a central portrait and allegorical figures.

Washington appears inside a tight ornamental frame near the center, the effect behind the Mini-Porthole nickname. Allegorical figures of Mechanics and Agriculture flank him. A large blue "2" sits on the left side, and the serial numbers and Treasury seal are blue. The reverse is printed in green.

The BEP identifies G.F.C. Smillie as the engraver of the Washington portrait and the Mechanics and Agriculture vignettes. It lists the designer of the 1899 note as unknown. Some modern descriptions credit Thomas F. Morris with the 1899 design, but the BEP does not credit him as designer of the 1899 $2 certificate.

A Large-Size Note

Large-size federal notes measure approximately 7.375 by 3.125 inches. Modern U.S. notes measure about 6.14 by 2.61 inches. CoinWeek says the older note offers roughly 44% more surface area.

The Series of 1899 was the final series of $2 Silver Certificates. The BEP records production of $2 Silver Certificates from 1886 through 1926, with 1899 remaining the final series date. Changes in Treasury officials during that period produced a sequence of signature combinations. Collectors recognize 10 principal Friedberg numbers for the regular Series 1899 $2 certificates, from Fr. 249 through Fr. 258.

The Signers

The signature at the lower left belongs to James Carroll Napier. He was born in Nashville, Tennessee, in 1845 while his parents lived under slavery; his family gained freedom by 1848. He studied at Wilberforce University and Oberlin College and earned a law degree from Howard University in 1872.

Back in Nashville, Napier practiced law, served on the City Council and became the first Black man to preside over it. He helped establish the One Cent Savings Bank, which later became Citizens Savings Bank and Trust Company. President William Howard Taft appointed him Register of the Treasury in 1911, and he held the office until 1913. CoinWeek notes that only a small number of African Americans have had their signatures appear on U.S. currency.

Thomas Lee "Bum" McClung played halfback at Yale from 1888 through 1891 and captained the team in his senior season. He was inducted into the College Football Hall of Fame in 1963. Taft selected him as Treasurer of the United States. McClung took office on November 1, 1909, and left on November 21, 1912.

A Short Overlap

Napier became Register on March 15, 1911. McClung remained Treasurer until November 21, 1912. Their terms overlapped for about 20 months.

Banknote production does not always match the dates officials entered or left office. Stack's Bowers said plates bearing McClung's engraved signature continued in use through the transition after his resignation, and it believes notes with this signature combination likely entered circulation from 1911 into early 1913.

The 65 PPQ Grade

PCGS requires every note grading 65 or higher to qualify for its Premium Paper Quality designation. Beyond margins and centering, a Gem note must retain originality, ink strength and embossing appropriate for its grade. Repairs, staining, pinholes or other impairments can keep a note from Gem status.

The End of Silver Redemption

Congress began ending the Silver Certificate system in the 1960s as silver prices rose and Treasury silver inventories declined. The Treasury stopped redeeming Silver Certificates for silver after June 24, 1968. Silver Certificates remain valid U.S. currency at face value.

Source: CoinWeek, "1899 $2 Silver Certificate: The “Mini-Porthole” Note With a Rare Taft-Era Signature Pair" (August 27, 2026).