The Currency Connection: Paper Money from the Era of the 1922-D Lincoln Cent — National Bank Notes, Silver Certificates, and Building Matched Sets

Coins didn’t circulate in a vacuum. Let’s take a closer look at the fascinating paper currency that changed hands right alongside this cent.

When collectors gather to debate the die varieties of the 1922-D Lincoln cent — the weak reverses, the die cracks creeping across the wheat stalks, the elusive Die Pair #4 — we’re really talking about a single, electric moment in American monetary history. The year 1922 was remarkable for both coinage and paper currency. The Denver Mint was running Lincoln cents around the clock, and across the country, National Bank Notes and Silver Certificates were passing through the hands of merchants, factory workers, and farmers who were pocketing those very same cents.

As a syngraphics expert, I’ve spent decades studying the paper money that shared pockets, cash registers, and bank vaults with America’s most debated penny. In this article, I want to build a bridge between Lincoln cent specialists and paper money collectors — showing you exactly what currency was circulating alongside the 1922-D, why it matters to your collection, and how you can assemble matched coin-and-currency sets that tell a far richer story than either piece could alone.

The Paper Money Landscape of 1922: What Was in Your Pocket?

To understand what a 1922-D Lincoln cent could actually buy — and what it was spent with — we need to examine the paper currency types that dominated circulation in the early 1920s. The American monetary system of 1922 was far more diverse than what we carry today. Several distinct categories of federal paper money circulated simultaneously, each with its own backing, design philosophy, and regional distribution patterns.

National Bank Notes: The Backbone of Local Commerce

The National Currency Act of 1863 and the subsequent National Banking Acts created a system in which federally chartered banks could issue their own notes. By 1922, National Bank Notes were still a primary form of paper currency, and they were everywhere. Thousands of individual banks across the country issued notes bearing their own names, charter numbers, and often distinctive designs that reflected local identity.

A National Bank Note issued by, say, the First National Bank of Denver would have been spent in the very same shops and streetcars where 1922-D cents changed hands. This is a connection that collectors too often overlook. When you hold a 1922-D cent, you’re holding a coin that was part of the same monetary ecosystem as a $10 or $20 National Bank Note from Colorado.

Key characteristics of National Bank Notes from this era include:

• Large-size format: Until 1929, U.S. paper money was printed in the so-called “large size” format (approximately 7.375 × 3.125 inches). These are the big, dramatic notes that collectors prize today for their visual impact and intricate engraving work.
• Bank-specific design: Each note bore the name and charter number of the issuing bank, making them highly collectible by state and town — a dream for collectors who love geographic sets.
• Red or brown seals: National Bank Notes could carry either red or brown Treasury seals, depending on the series and the bond collateral backing them.
• Series dates: By 1922, many National Bank Notes in circulation were from the Series of 1902 (the “Third Charter Period”), though earlier series notes were still commonly seen in everyday transactions.

Here’s the actionable takeaway for Lincoln cent collectors: if you’re building a set around a 1922-D Denver Mint cent, pairing it with a National Bank Note from a Denver or Colorado bank issued in the same era creates an extraordinary matched set. The geographic and temporal connection transforms two separate collectibles into a single, compelling historical narrative.

Silver Certificates: The Silver Dollar’s Paper Twin

Silver Certificates were another major currency type circulating in 1922. These notes were redeemable in silver coin or bullion, backed by silver purchased under the Sherman Silver Purchase Act of 1890 and subsequent legislation. By 1922, Silver Certificates were among the most widely used paper denominations in everyday transactions.

The Series of 1899 Silver Certificates are particularly notable — and particularly beautiful. The $1 note from this series features the famous “Educational Series” design on the reverse, an allegorical scene of “History Instructing Youth,” while the obverse bears the engraved portraits of Abraham Lincoln and Ulysses S. Grant. Yes, that’s right: Lincoln’s image appeared on the paper money that circulated alongside the 1922 Lincoln cent. The Series of 1923 $1 Silver Certificate, which entered production shortly after, continued this tradition with a simpler but still elegant design.

Higher denomination Silver Certificates — $5 and $10 notes — from the Series of 1899 also circulated widely. The $5 note is especially famous for its portrait of Running Antelope, a Hunkpapa Lakota chief, making it one of the few U.S. banknotes ever to feature a Native American.

Why does this matter for the 1922-D collector? Because Silver Certificates were the everyday spending money of 1922 America. When someone bought a loaf of bread or paid a streetcar fare with a $1 Silver Certificate, the change they received might well have included a 1922-D cent fresh from the Denver Mint.

United States Notes (Legal Tender Notes) and Treasury Notes

Rounding out the paper money picture of 1922 were United States Notes — also called Legal Tender Notes — which were direct obligations of the U.S. government, and to a lesser extent, Treasury Notes of 1890. United States Notes came in denominations from $1 to $10,000 and were a standard part of the circulating medium. The Series of 1917 and 1923 Legal Tender Notes were common in the early 1920s.

The 1922-D Lincoln Cent: A Brief Numismatic Context

Before we go deeper into the paper money crossover, let me give the Lincoln cent collectors their due. The 1922-D is one of the most fascinating dates in the entire Lincoln cent series, and the forum discussion among collectors reveals just how deep the variety hunting goes.

As the collector community has documented — with significant research from experts like CaptHenway, whose forthcoming book on the subject is eagerly anticipated — all 1922 weak D or No D cents fall into one of seven recognized die pair categories:

1. Die Pair #1 Weak D (Weak Reverse)
2. Die Pair #1 No D (Weak Reverse)
3. Die Pair #2 No D (Strong Reverse) — also called 1922 Plain
4. Die Pair #3 Weak D (Weak Reverse)
5. Die Pair #3 No D (Weak Reverse)
6. Die Pair #4 Weak D (Weak Reverse)
7. Die Pair #4 No D (Weak Reverse)

The “weak D” phenomenon occurs when the Denver mint mark on the obverse die was either lightly punched or wore down during use, resulting in a faint or nearly invisible “D” below the date. Die Pair #2, with its strong reverse and no visible mint mark, is the famous “1922 Plain” — one of the most sought-after rare varieties in the entire Lincoln cent series.

Within each die pair, collectors also track die states — the progression of die cracks, wear, and deterioration that occurred as the dies were used over their lifespan. Forum members have documented coins with die cracks at the 9 o’clock, 11 o’clock, and 2 o’clock positions on the reverse, as well as single die cracks through specific wheat stalks. As CaptHenway noted in the discussion, the earliest die state with developing cracks may show only two of the three expected cracks, with the third crack not yet formed. He estimated roughly 15% of cracked pieces appear in this earlier state — a detail that adds another layer of collectibility for the sharp-eyed variety hunter.

The grading and rarity discussion in the forum thread is illuminating. One collector reported an MS65+RD with CAC approval — a coin where only 12 out of 154 similarly graded examples (across both PCGS and NGC) had earned the CAC sticker. Another collector’s MS66RB CAC is one of only seven at that grade level. These numbers underscore how condition rarity transforms an already interesting variety into a truly elite collectible with serious numismatic value.

Building Matched Coin and Currency Sets: A Syngraphics Approach

Now here’s where I want to challenge both the Lincoln cent collectors and the paper money collectors reading this article: start building matched sets. The concept is simple but powerful. Instead of collecting coins in isolation and paper money in isolation, combine them into curated sets that tell a complete monetary story.

What Is a Matched Set?

A matched coin and currency set brings together coins and paper notes that share a meaningful historical, geographic, or thematic connection. For the 1922-D Lincoln cent, the most natural matches include:

• Geographic match: A 1922-D cent paired with a National Bank Note from a Colorado bank. The coin was struck in Denver; the note was issued by a bank doing business in the same state. Both circulated in the same regional economy.
• Denomination match: A 1922-D cent paired with a 1922-dated or circa-1922 Silver Certificate. This represents the actual denominations that would have been used together in a real transaction.
• Thematic match: A 1922-D cent paired with a Series of 1899 $1 Silver Certificate featuring Lincoln’s portrait. The Lincoln connection on both sides of the set creates a powerful thematic resonance.
• Mint and series match: A 1922-D Die Pair #2 “Plain” cent paired with a 1923 Silver Certificate — representing the transition point in both coinage and currency design.

How to Source the Paper Money

I’ve examined thousands of National Bank Notes and Silver Certificates over my career, and I can tell you that notes from the 1922 era are still very collectible and, in many cases, surprisingly affordable. Here’s my advice for sourcing:

• National Bank Notes by state: Search for notes from Colorado, Wyoming, Nebraska, Kansas, and other western states where Denver Mint cents would have been most common. The National Bank Note Census, maintained by the Society of Paper Money Collectors, is an invaluable research tool.
• Silver Certificates by series: The Series of 1899 $1 Silver Certificate is iconic and available in circulated grades for reasonable prices. The Series of 1923 $1 is even more common. For a premium look, seek out notes in VF or EF condition — they’ll display beautifully alongside a mint-state cent.
• Dealers and auctions: Heritage Auctions, Stack’s Bowers, and specialized currency dealers regularly offer National Bank Notes and Silver Certificates from this era. Online platforms can be productive, but always verify authenticity — counterfeits exist in paper money just as they do in coins.

Presentation Matters

In my experience, a matched set presented well is worth more — both in monetary value and in sheer display impact — than the individual pieces alone. Consider:

• Custom display capsules or shadow boxes that hold both the coin and the note
• Descriptive cards explaining the historical connection
• Grading certificates from PCGS, PMG (Paper Money Grading), or NGC displayed alongside each piece
• For the truly ambitious: a complete “1922 wallet” set including a 1922-D cent, a 1922-P cent, a $1 Silver Certificate, and a National Bank Note from the same region

The Historical Banking Context: Why 1922 Matters

The year 1922 sits at a fascinating inflection point in American monetary history. Understanding the banking context helps us appreciate both the coin and the currency that circulated together.

The Post-WWI Economic Boom

By 1922, the United States was emerging from the sharp but brief post-World War I recession of 1920–1921. The economy was roaring back to life. Industrial production was surging, consumer spending was rising, and the demand for both coinage and paper currency was intense. The Denver Mint, established as a coinage facility in 1906, was operating at high capacity to meet the demand for cents and other denominations.

This economic context explains why the 1922-D cent exists in such variety. The mint was running its presses hard, cycling through dies quickly, and the result was a proliferation of die states and die pairs — exactly the kind of variety that collectors in the forum thread are documenting and debating.

The National Banking System in Transition

1922 also represents a period when the National Banking System was beginning its long decline. The Federal Reserve System, established in 1913, was gradually assuming the dominant role in currency issuance. Federal Reserve Notes were increasingly replacing National Bank Notes in circulation, though National Bank Notes would continue to be issued until the 1930s.

This means that a National Bank Note from 1922 is a piece of a dying system — a system that had served American commerce since the Civil War. Collecting these notes alongside the coins of the same era preserves a complete picture of a monetary system in transition.

The Silver Certificate and the Gold Standard

In 1922, the United States was firmly on the gold standard, and Silver Certificates represented a secondary form of currency backed by silver rather than gold. The Bland-Allison Act of 1878 and the Sherman Silver Purchase Act of 1890 had mandated government purchases of silver, and the resulting Silver Certificates were a tangible reminder of the political battles over “free silver” that had defined American politics in the late 19th century.

By 1922, those battles were largely over, but the Silver Certificates remained in circulation — and they would continue to circulate until the 1960s. A 1922-era Silver Certificate paired with a 1922-D cent represents the dual-metal monetary system that defined American currency for decades.

Authentication and Grading: Protecting Your Investment

Whether you’re collecting 1922-D cents or the paper money that circulated alongside them, authentication and grading are essential. The forum thread reveals a sophisticated collector community that understands this well — discussions of PCGS and NGC grading, CAC stickers, die state identification, and even the possibility of coins being under-graded all point to a market that takes quality seriously.

For the Coin Side

Key authentication points for 1922-D cents include:

• Mint mark verification: Confirm the presence, absence, or weakness of the “D” mint mark. Use magnification and compare against known reference images.
• Die pair identification: Match your coin to the established die pair categories. The Lincoln Cent Resource website (lincolncentresource.com) is an excellent reference.
• Die state assessment: Document any die cracks, wear patterns, or other die state markers. Early die states without all three reverse cracks, for example, are distinct from late die states.
• Professional grading: For any coin of significant value, submit to PCGS or NGC. As the forum discussion shows, the difference between an MS63RB and an MS66RB can be substantial — and CAC approval adds another layer of market confidence.

For the Paper Money Side

Authentication and grading for National Bank Notes and Silver Certificates follows similar principles:

• PMG or PCGS Currency grading: These are the leading third-party grading services for paper money. A PMG-graded note provides the same market confidence as a PCGS-graded coin.
• Authenticity verification: Look for proper paper texture, correct printing techniques (intaglio printing for genuine notes), and appropriate aging and patina. Counterfeit detection is a specialized skill — when in doubt, consult an expert.
• Condition assessment: Paper money grading uses a different scale than coins. Notes are graded from “Poor” to “Gem Uncirculated” (or “Superb Gem Uncirculated”). For matched sets, I recommend aiming for notes in VF (Very Fine) or better condition.
• Serial number and signature combinations: For National Bank Notes, the combination of serial number, Treasury signatures, and bank charter number can affect rarity and value. Research these details before purchasing.

Market Trends and Collectibility: Where the Value Lies

I’ve been tracking both the coin and paper money markets for decades, and I can tell you that the crossover between the two is an area of growing interest and increasing value. Here’s what I’m seeing:

National Bank Notes: Undervalued and Underappreciated

National Bank Notes from the 1920s remain one of the best values in the paper money market. While rare charters and low serial numbers command premium prices, many common-charter notes from the 1922 era can be acquired for modest sums — often less than the cost of a mint-state 1922-D cent. This makes them ideal for building matched sets without breaking the bank.

The key drivers of value for National Bank Notes include:

• Charter rarity: Banks with low issuance numbers or short operating histories produce scarcer notes.
• Geographic desirability: Notes from popular collecting states tend to command higher prices, but notes from western states like Colorado offer the best match for 1922-D cent collectors.
• Condition: As with coins, condition is king. A crisp, uncirculated National Bank Note from 1922 is a genuinely rare and valuable item.
• Eye appeal: Bright paper quality, strong embossing, and attractive signatures all add to a note’s desirability and collectibility.

Silver Certificates: Steady and Strong

Silver Certificates from the 1899 and 1923 series are perennially popular. The 1899 $1 “Educational” note is one of the most beautiful American banknotes ever produced, and it’s available in circulated grades at accessible prices. The 1923 $1 Silver Certificate is even more affordable and represents the direct contemporary of the 1922-D cent.

For matched set building, I particularly recommend:

• Series of 1899 $1 Silver Certificate: The Lincoln portrait connection makes this a natural match for any Lincoln cent set.
• Series of 1923 $1 Silver Certificate: The closest series-date match to the 1922-D cent.
• Series of 1899 $5 Silver Certificate: For a premium set, the Running Antelope $5 note is a genuine showstopper with extraordinary eye appeal.

The Premium for Matched Sets

In my experience, a well-assembled matched set — properly graded, authenticated, and presented — commands a premium over the sum of its parts. Collectors and exhibitors recognize the added research, curation, and storytelling that goes into a matched set. At major shows like the ANA World’s Fair of Money, matched coin-and-currency sets consistently draw attention and competitive bidding.

Practical Steps: Building Your 1922-D Matched Set Today

Let me leave you with a concrete action plan. If you’re a Lincoln cent collector who wants to explore the paper money crossover, here’s how to get started:

1. Identify your cent’s die pair and die state. Use the Lincoln Cent Resource website and CaptHenway’s research (watch for his forthcoming book) to classify your 1922-D cent precisely. The more specific your identification, the more meaningful your matched set will be.
2. Choose your paper money type. Decide whether you want a National Bank Note (geographic match), a Silver Certificate (denomination and thematic match), or both. For a first set, I recommend a Series of 1923 $1 Silver Certificate — it’s affordable, historically appropriate, and visually appealing.
3. Source the paper money. Check Heritage Auctions, Stack’s Bowers, and specialized currency dealers. For National Bank Notes, search by state and charter number. For Silver Certificates, search by series date and Friedberg number (the standard cataloging system for U.S. paper money).
4. Get the paper money graded. Submit your note to PMG or PCGS Currency for professional grading. A PMG VF-20 or better note will display beautifully alongside a mint-state cent.
5. Present the set together. Invest in a quality display case or custom holder. Include a descriptive card explaining the historical connection between the coin and the note.
6. Document everything. Photograph your matched set, record the provenance of both pieces, and keep your grading certificates together. Provenance and documentation add value and credibility.

Conclusion: The Complete Monetary Picture

The 1922-D Lincoln cent is a fascinating coin in its own right — the die varieties, the die states, the grading nuances, and the ongoing research by dedicated collectors make it one of the most rewarding areas of Lincoln cent collecting. But when we place that cent in its full monetary context, alongside the National Bank Notes and Silver Certificates that shared its era, we gain something more: a complete picture of American commerce in the early 1920s.

As a syngraphics expert, I’ve always believed that paper money tells stories that coins alone cannot. The National Bank Note from a small Colorado town speaks to local economic life in ways that a Denver-struck cent cannot. The Silver Certificate with Lincoln’s portrait creates a thematic resonance that enriches any Lincoln cent collection. And a matched set — properly researched, graded, and presented — becomes more than the sum of its parts. It becomes a window into a specific time and place in American monetary history.

The forum discussion about 1922-D Lincoln cent variations is a testament to the passion and expertise of the collecting community. I encourage every one of those collectors to take the next step: look beyond the coin, reach for the currency, and build sets that tell the whole story. The paper money is out there, waiting to be matched with your cents. And in my experience, the collectors who embrace this crossover approach are the ones who build the most meaningful, valuable, and historically significant collections.

Happy collecting — and don’t forget to check your change. You never know what might turn up.

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