The Currency Connection: Paper Money from the Era of WWI Victory and Participation Medals

Coins and medals never existed in a vacuum. Behind every Victory Medal hanging from a veteran’s chest, behind every bronze plaque commissioned to memorialize the Great War, there was an entire financial ecosystem of paper money that made the American war effort possible. As a syngraphics expert who has spent decades studying the intersection of exonumia and currency, I can tell you that the paper money of the World War I era tells one of the most compelling stories in American numismatic history. Today, I want to walk you through the fascinating world of National Bank Notes, Silver Certificates, and the broader paper currency landscape that existed alongside the medals and so-called dollars we so often celebrate.

Why Paper Money Matters to Medal and Exonumia Collectors

When I examine a World War I Victory Medal or a stunning so-called dollar like HK-892 or HK-903, I always encourage fellow collectors to think about the full context of the era. The United States government didn’t fund the war effort through medals alone. It funded it through bonds, taxes, and—critically—through an explosion of paper currency issued under the Federal Reserve Act of 1913 and the subsequent wartime amendments.

The currency in a soldier’s pocket when he shipped out to France. The money used to purchase Liberty Bonds. The banknotes that financed munitions factories. All of these form the backdrop against which the medals we collect were awarded.

I’ve had the privilege of handling original National Bank Notes from banks in towns that also produced notable WWI memorial medals and plaques. The connection is tangible. When you hold a 1918-dated Silver Certificate, you’re holding the same type of currency that a soldier like Samuel Woodfill—Medal of Honor recipient and one of the most decorated American soldiers of the war—might have carried into the Meuse-Argonne Offensive. That’s the kind of historical resonance that makes collecting paper money from this era so deeply rewarding.

National Bank Notes: The Backbone of Wartime Commerce

The Federal Reserve Act and the Rise of National Bank Notes

The National Currency Act of 1863 and its successor, the National Bank Act of 1864, created a system of nationally chartered banks that issued their own banknotes. By the time the United States entered World War I in April 1917, this system was mature but about to undergo significant changes. The Federal Reserve Act of 1913 had introduced Federal Reserve Notes as a new form of currency, yet National Bank Notes continued to circulate alongside them throughout the war years.

What makes National Bank Notes from the WWI era particularly collectible is their local character. Each note bore the name of the issuing bank, the town, and the state. When I grade these notes, I always seek out examples from towns with strong wartime connections—banks in industrial cities producing munitions, in port cities where doughboys embarked for France, in agricultural regions feeding the Allied armies.

Key Series and Dates to Collect

For collectors interested in the WWI era, the following National Bank Note series are particularly relevant:

• 1902 Date Back series – These notes were issued from 1902 through the war years and remained in circulation well into the 1920s. The $5, $10, $20, $50, and $100 denominations are all collectible, with the higher denominations being significantly scarcer and commanding strong premiums in mint condition.
• 1902 Plain Back series – Issued concurrently with the Date Back series, these are distinguished by the absence of the date on the back. They tend to be slightly scarcer in high grade, making them an exciting rare variety for the attentive collector.
• Large-size Silver Certificates from the 1905–1917 period – While not National Bank Notes per se, these circulated alongside them and are essential for any matching set with genuine numismatic value.

In my experience grading these notes, the wartime-era National Bank Notes from smaller towns tend to be scarcer simply because fewer were issued to begin with. A note from a bank in a small New England town that sent a disproportionate number of its young men to the Western Front carries a story that no large-city note can match. That provenance—that human connection—is what elevates a piece from mere currency to a collectible of lasting significance.

Silver Certificates: The Blue Seals of the Great War

The 1918 Series: A Watershed Year

The year 1918 was pivotal for both the war and American currency. The Treasury issued Silver Certificates across multiple denominations that year, and these notes are among the most sought-after by syngraphics collectors today. The 1918 $1 Silver Certificate (Fr. 239) with its distinctive blue seal and the portrait of George Washington is a classic example with tremendous eye appeal. The 1918 $5 Silver Certificate (Fr. 281) featuring Abraham Lincoln is another wartime note that pairs beautifully with WWI exonumia.

What I find particularly fascinating is the 1918 $2 Silver Certificate (Fr. 279), which features Thomas Jefferson. This denomination was less commonly used in everyday transactions during the war, making high-grade examples quite desirable. When I’ve examined these notes under magnification, the engraving detail is extraordinary—the kind of craftsmanship that reminds you this was an era when American currency was considered a point of national pride. The luster on an uncirculated example is simply breathtaking.

Matching Coin and Currency Sets: The Ultimate Display

For collectors who want to create a truly immersive WWI display, I always recommend assembling a matching set of currency and exonumia from the same year. Here’s what an ideal 1918 WWI matching set might include:

1. A 1918 Silver Certificate in VF or better condition
2. A 1918 Lincoln Wheat Cent (no 1918 cents are particularly rare, but the wartime context adds significance)
3. A 1918 Walking Liberty Half Dollar – a beautiful coin with a sharp strike that circulated during the final year of the war
4. A HK-892 or HK-892a so-called dollar dated 1918, commemorating American participation in the war
5. A WWI Victory Medal with ribbon and appropriate clasps, its patina speaking to a century of history
6. A 1918-dated trench art piece or related militaria

This kind of set tells a complete story. The currency shows the economic engine that powered the war. The so-called dollars show how the war was commemorated in medallic form. The medals and militaria show the human dimension. Together, they create a display with unmatched collectibility—one that no single category of collectible can achieve alone.

Historical Banking During the Wartime Economy

Liberty Bonds and Their Impact on Currency Circulation

One of the most significant factors affecting paper money during WWI was the massive Liberty Bond campaigns. The U.S. government conducted four Liberty Bond drives and a final Victory Liberty Loan drive between 1917 and 1919. These campaigns absorbed enormous amounts of circulating currency as citizens purchased bonds with cash. The government then spent that money on war materiel, and much of it eventually returned to circulation through military pay and government contracts.

The effect on National Bank Notes was profound. Banks that participated heavily in Liberty Bond sales often saw their note circulation fluctuate dramatically. Some banks ordered additional print runs to meet wartime demand. Others saw their notes pulled from circulation as bond purchases drained cash from local economies.

I’ve examined National Bank Notes from banks in industrial centers like Pittsburgh, Buffalo, and Bridgeport, Connecticut, that show evidence of heavy wartime use—notes that are well-worn, often repaired, clearly having passed through many hands in a compressed timeframe. These notes are casualties of history in their own way, and I find them deeply moving.

The Gold Reserve and the Restriction Period

During the war, the United States maintained the gold standard, and Silver Certificates were redeemable in silver dollars. However, the Pittman Act of 1918 authorized the melting of up to 350 million silver dollars to support the war effort, primarily by selling silver to India (a British ally). This had a direct impact on the silver dollar market and, by extension, on the paper currency that represented silver dollars.

The wartime emergency also led to temporary restrictions on gold exports, and while the U.S. never formally suspended the gold standard during WWI as it would during the banking crisis of 1933, the flow of gold was carefully controlled. This created an interesting dynamic in currency circulation that syngraphics collectors should understand—one that directly influenced the collectibility of certain notes we prize today.

The So-Called Dollar Connection: Where Exonumia Meets Currency

HK-892, HK-903, and the War Commemorative Series

As we’ve seen in the forum discussion, collectors of WWI so-called dollars have identified remarkable die varieties. The HK-892 series, with its 1917 date, shows multiple die states—including late die states with cracks through the flagpole tips. The HK-903 “American Saviors of Liberty” and its French counterpart HK-903A “Victory of Right” represent the international scope of the commemorative medal movement.

What many collectors don’t realize is that the same minting and engraving talent that produced these so-called dollars was often involved in currency production. The Bureau of Engraving and Printing, which printed all U.S. paper money, also struck medals and had close relationships with private mints that produced so-called dollars. The artistic sensibility that created the allegorical figures on WWI medals is the same sensibility that graced the engravings on Silver Certificates and Federal Reserve Notes.

The Rare Gold HK-902A: A Numismatic Marvel

The forum discussion mentions the extraordinary gold WWI Victory so-called dollar (HK-902A), previously owned by Steve Tanenbaum and certified by NGC. Struck in 22-karat gold, this piece represents the ultimate crossover between medal collecting and currency collecting. Gold, after all, was the foundation of the monetary system that funded the war.

In my experience, pieces like this demonstrate why collectors should never silo their interests. A collector focused solely on medals might overlook this piece. A collector focused solely on gold coins might not recognize its significance. But a collector who understands the full numismatic landscape of the WWI era sees it for what it is: a unique artifact with extraordinary numismatic value that bridges multiple collecting categories.

Collecting Strategies for the Modern Syngraphics Enthusiast

Grading Considerations for Wartime Paper Money

When I grade paper money from the WWI era, I apply the same rigorous standards I would to any collectible currency, but with some era-specific considerations:

• Originality of paper and ink is paramount. Wartime notes were printed on high-quality rag paper, and notes that retain their original body and crispness command significant premiums. Notes that have been cleaned, pressed, or altered should be avoided—they lose both eye appeal and collectibility.
• Signatures matter. National Bank Notes bore the signatures of the bank’s president and cashier. Notes from banks with notable wartime leadership or from banks that failed during the postwar agricultural depression carry additional historical interest and provenance.
• Serial numbers and condition census. For Silver Certificates, low serial numbers and star notes (replacement notes) are always desirable. For National Bank Notes, the condition census is less formally tracked, but I maintain my own database of high-grade examples I’ve encountered.
• Provenance adds value. A note with documented provenance from a specific wartime bank or from a veteran’s estate is worth more than an equivalent note without such documentation. Always ask for the story behind the note.

Where to Find WWI-Era Paper Money

The market for WWI-era paper money is active and accessible. Here are my recommended sources:

1. Major auction houses – Heritage Auctions, Stack’s Bowers, and Lyn Knight regularly feature National Bank Notes and Silver Certificates in their sales. Look for estate collections that include both currency and exonumia.
2. Online marketplaces – eBay and specialized dealer websites often have wartime notes available. Exercise caution and verify authenticity, especially for higher-denomination notes where the numismatic value is significant.
3. Coin and currency shows – Regional and national shows remain the best place to examine notes in person and build relationships with dealers who specialize in historical currency.
4. Estate sales and flea markets – As one forum member discovered with an AEF ID card, remarkable wartime artifacts can still surface in unexpected places. I always encourage collectors to keep their eyes open.

The Human Story: Currency in the Hands of Soldiers

Payday on the Western Front

American soldiers in WWI were paid in U.S. currency. The doughboys who served in the American Expeditionary Forces carried Silver Certificates, United States Notes, and National Bank Notes across the Atlantic. Military pay records show that privates earned $30 per month, with additional allowances for overseas service. That pay—in the form of paper money—was often the first American currency many French and Belgian citizens had ever seen.

The story of Grace Banker, the Hello Girls, and the delayed Victory Medal presentation ceremony mentioned in the forum discussion reminds us that the human dimension of these artifacts is what ultimately matters. The currency these women and men used, the medals they earned (sometimes a century late), the trench art they created from spent shell casings—all of these form an interconnected web of material culture that tells the story of America’s role in the Great War.

Trench Art and Material Culture

The 75mm trench art shell casing mentioned by one forum member is a perfect example of how the material culture of WWI extends beyond traditional numismatics. These pieces were made by soldiers using the same brass and copper that went into shell casings—materials that were, in a sense, the “currency” of war. The patina on a century-old shell casing, the hand-hammered designs, the personal inscriptions—each one carries a story. Collecting these alongside paper money and medals creates a three-dimensional picture of the wartime experience that no textbook can replicate.

Building a Comprehensive WWI Numismatic Collection

The Case for Cross-Category Collecting

Over my career, I’ve watched collecting trends come and go, but the most enduring and satisfying collections are always those that tell a complete story. A collection of WWI medals alone is impressive. A collection of WWI-era paper money alone is historically valuable. But a collection that combines both—along with so-called dollars, trench art, Liberty Bond documents, and related ephemera—is a museum-quality assemblage with unmatched collectibility that captures an entire era.

I encourage every collector reading this to think beyond their primary focus. If you collect medals, start acquiring the paper money that circulated during the same period. If you collect currency, look for the medals and so-called dollars that commemorate the events that shaped that currency. The connections are there, waiting to be discovered.

Investment Considerations

From a purely financial perspective, WWI-era paper money offers excellent value. High-grade Silver Certificates from the 1918 series are available at prices that are modest compared to their historical significance. National Bank Notes from small-town banks with wartime connections are often undervalued relative to their scarcity. And the crossover appeal of these notes—their relevance to medal collectors, military historians, and general numismatists—means that the market for quality examples is broad and deep.

In my experience, the best investments in this area are:

• High-grade 1918 Silver Certificates (VF35 and above for circulated examples, AU and UNC for premium pieces with full luster)
• Scarce National Bank Notes from wartime industrial centers in EPQ (Exceptional Paper Quality)—a rare variety in true mint condition is a prize worth pursuing
• Matched sets – currency paired with related exonumia, as described above, which consistently outperform single-item lots at auction
• Notes with documented provenance connecting them to specific wartime events, locations, or individuals—provenance transforms a note into a story

Conclusion: The Enduring Legacy of WWI-Era Paper Money

The paper money of the World War I era is far more than a collectible commodity. It is a tangible link to one of the most transformative periods in American and world history. Every National Bank Note from a small-town bank, every Silver Certificate with its blue seal and engraved portrait, every Federal Reserve Note that passed through the hands of a doughboy in France—these are artifacts of a nation mobilizing its full economic and human resources for a global conflict.

As we’ve seen in the forum discussion, the WWI collecting community is passionate, knowledgeable, and endlessly creative in the ways it explores this era. From the massive bronze plaques produced in Paris to the rare gold HK-902A so-called dollar, from the humble trench art shell casing to the Victory Medal finally presented to Grace Banker’s granddaughter 105 years after her service, these artifacts remind us that history is not abstract. It is material. It is personal. And it is waiting to be collected, preserved, and shared.

Whether you are a seasoned syngraphics expert or a medal collector looking to expand your horizons, I encourage you to explore the paper money of the WWI era. The connections are rich, the stories are compelling, and the collecting opportunities are extraordinary. The currency didn’t just fund the war—it tells the war’s story in a way that no medal, no plaque, and no book can replicate on its own.

Start building your WWI currency collection today. The doughboys carried this money into history. It’s our job to make sure it’s never forgotten.

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