Friedberg 253: How Dual Treasury Signatures Drive 1899 $2 Silver Certificate Values to $3,500

The Series 1899 $2 silver certificate (Friedberg 253) draws attention not only for its visual character but for the history compressed into its signatures. An example scheduled for Stack's Bowers Summer Global Showcase Auction in 2026 carries the engraved signatures of James C. Napier and Lee McClung. Their terms in public office overlapped for just twenty months.

Napier took office as Register of the Treasury on March 15, 1911. McClung served as Treasurer from November 1, 1909, to November 21, 1912. The overlap between these dates—from March 15, 1911, to November 21, 1912—fell more than a decade after the note's series year. This note did not reach circulation until 1911–1913. The year "1899" printed on its face masks its actual production date. This pattern reflects a peculiarity of large-format currency: the Bureau of Engraving and Printing continued to use the same plates after officers left their posts. Signature combinations that held office together for brief periods therefore appear on notes made years later.

From Slavery to the United States Currency: Napier's Path

James Carroll Napier was born in Nashville, Tennessee, in 1845. Both parents were enslaved but had gained freedom by 1848. He studied at Wilberforce University and Oberlin College, earning a law degree from Howard University in 1872.

Returning to Nashville, Napier practiced law, entered politics, and built a business career. He sat on the Nashville city council and became the first Black person to serve as its chairman. He championed the hiring of Black teachers and expanded employment opportunity. He helped found One Cent Savings Bank, which later became Citizens Savings Bank and Trust Company and became central to Black finance in Nashville. His cooperation with Booker T. Washington is recorded, underscoring his weight in Black business circles there.

President William Howard Taft nominated Napier as Register in 1911. He held the office until 1913, the period during which his signature was engraved on United States currency. Fewer than five Black individuals have had their signatures engraved on American paper money. Napier was one of them.

From Yale Footballer to Treasurer: McClung's Career

Thomas Lee "Bum" McClung played halfback for Yale University from 1888 to 1891. He served as team captain during his years there and was inducted into the College Football Hall of Fame in 1963.

McClung was not only an athlete but also built a business career. President Taft appointed him Treasurer. McClung oversaw the nation's cash operations from November 1, 1909, to November 21, 1912. Carmi A. Thompson of Ohio succeeded him the following day.

The Aesthetic Mark of the Large-Format Era

Series 1899 $2 silver certificates are known by the nickname "Mini-Porthole." George Washington sits within a central ornamental frame; the framing recalls a ship's porthole, and the name derives from this resemblance. Allegorical figures representing Mechanics and Agriculture flank the portrait, embodying the two pillars of early-twentieth-century American commerce.

A large blue "2" sits to the left. Blue serial numbers and a blue Treasury seal add color. The reverse follows convention with green ink, fine lines and scrollwork surrounding the denomination. The engraver was G. F. C. Smillie, who executed the Washington portrait and the allegorical figures. The designer of this 1899 version is not officially recorded; attribution to Thomas F. Morris, who worked on an educational series in 1896, would be incorrect.

Large-format notes measure approximately 7.375 by 3.125 inches; modern $1 notes are about 6.14 by 2.61 inches. The large format provided 44 percent more surface area, giving engravers room for finer detail.

Grade and Rarity: The Position of Gem 65 PPQ

The Stack's Bowers example has received a grade of PCGS Banknote Gem Uncirculated 65 PPQ. PCGS requires Premium Paper Quality (PPQ) designation for grades of 65 and above. Beyond margins and centering, Gem grade demands original paper, ink density, and proper retention of embossing. Repair, soiling, pinholes, and other damage bar the note from Gem status.

The majority of large-format notes were folded, transported, counted, and spent in circulation. Survival in this condition more than a century later reflects not scarcity from low original production but scarcity from preservation. Stack's Bowers reported that two examples of Fr. 253 have reached this grade, with five examples graded higher.

The End of Silver Redemption and Present Standing

The promise behind Silver Certificates became historical. Through the 1960s, as silver prices rose and Treasury silver stocks fell, Congress began to dismantle the Silver Certificate system. On June 24, 1968, the Treasury ceased redemption in silver.

The notes themselves, however, never lost their status as currency. Silver Certificates remain valid American money at face value.

Multiple Stories in One Note

The meaning of this 1899 $2 note shifts with the angle of view. To a collector of design, it is one of the most distinctive large-format federal notes. To a Silver Certificate specialist, it is the final $2 series. To a grading researcher, it demonstrates rarity through condition. To a signature researcher, it shows the brevity of the Napier-McClung pairing.

But its layered value lies deeper. One signature belongs to a Yale football captain who went on to oversee the nation's cash operations at the Treasury. The other belongs to a Black attorney, banker, and businessman whose name was engraved on United States currency—a man born in the Nashville of the slave era. Both rest beneath the portrait of George Washington, framed in a space no larger than a porthole.

Stack's Bowers estimated this example at $2,500 to $3,500 in 2026.