The Currency Connection: Paper Money from the Era of WWI Victory and Participation Medals — A Syngraphics Deep Dive into National Bank Notes, Silver Certificates, and Matching Coin-Currency Sets

Coins didn’t circulate in a vacuum. Let’s look at the fascinating paper currency that was used right alongside this piece.

When we talk about World War I Victory and Participation Medals — those beautiful, historically rich pieces that collectors on forums have been sharing with such passion — we’re really talking about a moment in American history that reshaped not just the geopolitical landscape, but the very fabric of our monetary system. As someone who has spent decades studying the intersection of paper money and historical context, I can tell you that the currency circulating during the 1917–1919 period when these medals were issued tells an equally compelling story. The paper money in Americans’ pockets during the Great War is a collecting field unto itself, and when you pair it with the exonumia and so-called dollars of the era, you create a collecting experience that is far more meaningful than either category alone.

In this article, I’m going to walk you through the specific types of paper money that were in circulation during the WWI era, explain how National Bank Notes and Silver Certificates from this period connect thematically to the Victory Medal and its related so-called dollars, and show you how to build matching coin-and-currency sets that tell the complete story of America at war.

The Monetary Landscape of America During World War I

To understand the paper money of the WWI era, you first need to understand the banking system that produced it. When the United States entered the war in April 1917, the nation’s currency was a patchwork of several distinct types, each with its own visual character and historical significance. This was the era before the Federal Reserve Note became the sole dominant currency type, and the diversity of designs, issuers, and backings makes this one of the most fascinating periods in American syngraphics.

The key types of paper money circulating during the 1917–1919 period included:

• National Bank Notes — Issued by individual chartered banks under the National Banking Act, these notes featured the bank’s name prominently and were backed by U.S. government bonds deposited with the Treasury. They came in a variety of designs across two major series: the Original Series (1863–1875), the 1875 Series, the 1882 Brown Back and Blue Seal series, and the 1902 series. By WWI, the 1902 series was the most common in circulation.
• Silver Certificates — Redeemable in silver coin or bullion, these notes were among the most widely circulated and visually distinctive currency types of the era. The 1899 series with its famous “Black Eagle” design and the 1896 “Educational Series” (though mostly out of circulation by WWI) are among the most celebrated notes in all of American numismatics.
• United States Notes (Legal Tender Notes) — Direct obligations of the U.S. government, these came in various series and denominations and were a staple of everyday commerce.
• Federal Reserve Notes — First issued in 1914, these were still relatively new during WWI and were gradually gaining market share against the older currency types.
• Federal Reserve Bank Notes — A hybrid type issued by individual Federal Reserve Banks, these are often confused with Federal Reserve Notes but are distinct and quite collectible.
• Gold Certificates — Backed by gold reserves, these higher-denomination notes were primarily used in bank-to-bank transactions but did circulate among the public.

What makes this era so special for the paper money collector is that all of these types were simultaneously in circulation. A soldier heading off to France in 1918 might have had a mix of National Bank Notes from his hometown bank, Silver Certificates, and the newer Federal Reserve Notes — all in his pocket at the same time. This diversity is what makes building a comprehensive WWI-era currency set so rewarding.

National Bank Notes: The Currency of Main Street During the Great War

National Bank Notes deserve special attention in any discussion of WWI-era currency because they represent the most visually diverse and locally connected paper money type of the period. As I’ve examined thousands of these notes over my career, I can tell you that the stories they tell about American communities during the war are unparalleled.

The 1902 Series: The Workhorse of Wartime Commerce

The 1902 series National Bank Notes were the most common type in circulation during WWI. These notes came in three distinct issues:

1. 1902 First Issue (Date Back) — Featuring a date on the back, these notes had a blue seal and blue serial numbers. They were printed until approximately 1908, but many remained in circulation through the war years.
2. 1902 Second Issue (Plain Back) — Without a date on the back, these notes continued the blue seal design and were issued from about 1908 to 1922, making them the most likely National Bank Note type to have been in a soldier’s pocket during WWI.
3. 1902 Third Issue (Red Seal) — The rarest of the three, these notes featured a red seal and were issued from about 1908 to 1916. They are scarce in any condition and highly sought after by collectors.

What I find particularly compelling about National Bank Notes from this era is the connection to specific communities. When you hold a 1902 Plain Back from, say, the First National Bank of Des Moines or the Merchants National Bank of San Francisco, you’re holding a piece of the same economic infrastructure that funded the war effort through Liberty Bond drives. Many of the banks that issued these notes were actively promoting Liberty Loans and war savings stamps — the same campaigns that are commemorated on so-called dollars like the HK-892 and HK-903 varieties discussed in the forum thread.

Key Collecting Considerations for WWI-Era National Bank Notes

If you’re building a WWI-era currency collection to complement your Victory Medal or so-called dollar holdings, here are the factors I prioritize:

• Geographic relevance — Notes from banks in cities with major military installations, training camps, or industrial centers tied to war production carry added historical significance.
• Condition and rarity — National Bank Notes are valued by the number of known survivors. A note from a bank with only 5 known examples is exponentially more valuable than one from a bank with 500 known survivors, even if the condition is lower.
• Signatures — The combination of the bank’s cashier and president signatures adds another layer of collectibility. Some signature combinations are unique to a single known note.
• Serial numbers — Low serial numbers, radar numbers, and other desirable number patterns command premiums, just as they do with modern currency.

Silver Certificates: The People’s Currency in Wartime

Silver Certificates were arguably the most beloved form of paper money among ordinary Americans during the WWI era. Their distinctive designs and the promise of silver redemption made them trusted and familiar. For the collector interested in matching currency to the WWI medal and so-called dollar series, Silver Certificates offer some of the most visually and thematically appropriate options.

The 1899 Series: An Iconic Design for the Ages

The 1899 Silver Certificate series is one of the most beautiful currency designs ever produced by the United States. The $1 note features the famous “Black Eagle” design with an eagle perched atop a shield on the obverse, while the reverse features ornate engraving surrounding the denomination. The $2 note features a portrait of George Washington flanked by allegorical figures representing Agriculture and Mechanics, and the $5 note features a portrait of Running Antelope, a Sioux chief — making it the only U.S. currency to feature a Native American in a portrait orientation.

These notes were in heavy circulation during WWI and would have been among the most common denominations carried by soldiers and civilians alike. In my experience grading these notes, the $1 Black Eagle is the most readily available in collectible condition, while the $2 and $5 notes become progressively scarcer, especially in grades above Very Fine.

The “Educational Series” of 1896: A Legendary Note

While most 1896 Silver Certificates had been pulled from circulation by the WWI era, they represent the pinnacle of American currency design and are essential for any serious collector of the period. The $1 “History Instructing Youth,” $2 “Science Presenting Steam and Electricity to Commerce and Manufacture,” and $5 “Electricity as the Dominant Force in the World” notes are masterpieces of allegorical engraving. If you can acquire even a well-circulated example to display alongside your WWI medals, the visual impact is extraordinary.

Connecting Silver Certificates to the War Effort

Here’s something many collectors overlook: the silver that backed these certificates was part of the same precious metals market that was affected by wartime demand. The Pittman Act of 1918 authorized the melting of up to 350 million silver dollars to support the war effort — specifically to aid Great Britain by providing silver for its coinage needs. This act directly impacted the Silver Certificate system and led to the retirement and reissuance of millions of notes. When you hold an 1899 Silver Certificate, you’re holding a piece of currency that was directly affected by the same war that produced the Victory Medals and so-called dollars you’re collecting.

Historical Banking Context: How the War Changed American Finance

The WWI period was a watershed moment for American banking, and understanding this context enriches any collection of currency from the era. Several key developments are directly relevant to the paper money collector.

The Federal Reserve System Comes of Age

Although the Federal Reserve was established in 1913, it was during WWI that the system truly came into its own. The war created enormous demand for credit, and the Federal Reserve Banks became the primary mechanism for financing the war effort through discount lending to member banks. Federal Reserve Notes, first issued in 1914, began to displace National Bank Notes in circulation during this period. The large-size Federal Reserve Notes of 1914 and 1918 are magnificent documents — the $1 note features Washington, the $2 features Jefferson, the $5 features Lincoln, and higher denominations feature figures like McKinley, Cleveland, and Hamilton.

For the collector building a WWI-era set, I always recommend including at least one Federal Reserve Note from the 1914 series. These notes represent the dawn of the modern American monetary system and pair beautifully with the wartime exonumia.

Liberty Bonds and War Finance

The four Liberty Loan drives (1917–1918) and the final Victory Liberty Loan of 1919 were massive fundraising efforts that touched every American community. Banks were the primary distribution points for these bonds, and many National Bank Notes from the period can be directly linked to banks that were active Liberty Bond sellers. The so-called dollars of the era — particularly the HK-892 “American Saviors of Liberty” and HK-903 varieties — were often produced in conjunction with or inspired by these bond drives. When you pair a National Bank Note from a known Liberty Bond-selling bank with one of these so-called dollars, you create a display that tells a complete story of wartime finance.

The Gold Standard and Gold Certificates

WWI effectively ended the classical gold standard, and Gold Certificates from this period carry special historical weight. The 1913 series Gold Certificates, featuring portraits of figures like Alexander Hamilton ($10), Andrew Jackson ($20), and James Madison ($50), were still in circulation but would eventually be recalled in 1933 when the United States abandoned the gold standard for domestic purposes. A high-grade Gold Certificate from this era, displayed alongside a gold WWI Victory Medal (such as the legendary HK-902a struck in 22K gold that was discussed in the forum thread), creates one of the most powerful pairings in all of American numismatics.

Building Matching Coin and Currency Sets: A Practical Guide

This is where the real fun begins. As both a coin and paper money collector, I’ve found that the most satisfying collections are those that tell a complete story across multiple numismatic disciplines. Here’s how I approach building WWI-era matching sets.

Set #1: The Complete WWI Victory Set

This set pairs the most iconic WWI exonumia with contemporary paper money:

• HK-902 or HK-902a WWI Victory So-Called Dollar — The standard bronze or rare gold version
• 1899 $1 Silver Certificate (Black Eagle) — The most common note a soldier would have carried
• 1914 $1 Federal Reserve Note (Washington) — Representing the new monetary system
• 1902 Plain Back National Bank Note — From a bank in a city with WWI military significance
• Liberty Bond poster or promotional item — To tie the financial story together

In my experience, this set can be assembled at various price points. A circulated-grade set might cost $200–500, while a set in Uncirculated condition with a high-grade HK-902a could run into the thousands. The key is matching the condition levels across all items for a cohesive display.

Set #2: The “American Saviors of Liberty” Set

Inspired by the HK-892 and HK-903 varieties discussed in the forum thread, this set focuses on the Liberty Bond connection:

• HK-892 or HK-892 die variety — The forum thread documented multiple die varieties with 1917 dates, including differences in flagpole details and ground contours. The 1918-dated varieties mentioned in the thread are particularly interesting as they are unlisted in standard references.
• HK-903 “American Saviors of Liberty” — The forum poster noted this as a Top Pop in the NGC census
• HK-903A French version “Victory of Right” — For an international dimension
• 1917 or 1918-dated National Bank Note — Ideally from a bank in a city that hosted a major Liberty Bond rally
• 1918 Federal Reserve Note — Representing the wartime financial system

Set #3: The Gold Standard Set

For the advanced collector, this set pairs the rarest WWI-era gold pieces with gold-backed currency:

• HK-902a Gold WWI Victory Medal — As discussed in the forum thread, this piece was previously owned by Steve Tanenbaum and certified by NGC (cert #2688838-001). It is one of the most important so-called dollars in existence.
• 1913 $10 or $20 Gold Certificate — Representing the gold-backed currency of the era
• 1915 Gold Certificate $100 (Teehee/Burke) — For the ultimate high-end set
• Period gold coin — A 1917-dated gold piece such as a $2.50 Indian or $10 Eagle, representing the gold coinage that was still circulating before the wartime gold recall

Authentication and Grading Considerations

As with any numismatic field, authentication and grading are critical. Here are my top recommendations for WWI-era paper money:

Third-Party Grading Services

For National Bank Notes and Silver Certificates, I strongly recommend third-party grading through PMG (Paper Money Guaranty) or PCGS Banknote. These services provide:

• Authentication against counterfeits and alterations
• Accurate grading on the standard 70-point Sheldon scale
• Protection against environmental damage through sonically sealed holders
• Population data that helps establish relative rarity

The forum discussion about the WWI Victory Medal being slabbed by NGC with its ribbon and loop intact is directly relevant here. Just as the TPG (third-party grading) services have revolutionized the coin and medal market, they’ve done the same for paper money. A PMG-graded 65EPQ (Exceptional Paper Quality) National Bank Note from a rare bank will command a significant premium over an ungraded example, and the certification provides peace of mind that is essential for high-value purchases.

Red Flags to Watch For

In my years of examining WWI-era paper money, I’ve encountered numerous altered and counterfeit notes. Here are the most common issues:

• Altered signatures — On National Bank Notes, signatures can be added or altered to create a more desirable combination. Always compare against known authentic examples.
• Colorized or enhanced notes — Some sellers apply dyes or inks to make notes appear brighter or more attractive. This destroys both the value and the historical integrity of the note.
• Reprints and souvenirs — Many National Bank Notes were reprinted as souvenirs by the banks themselves. These are collectible in their own right but should not be confused with original circulation strikes.
• Mismatched serial numbers and plate positions — On series notes, the serial number and plate position should be consistent with known authentic examples.

The So-Called Dollar Connection: Where Exonumia Meets Syngraphics

The forum thread’s extensive discussion of WWI so-called dollars — including the HK-892 die varieties, the unlisted 1918-dated pieces, the HK-900a, HK-902/902a, and HK-903/903A — highlights a collecting category that sits squarely at the intersection of numismatics and syngraphics. Many of these pieces were produced by the same engravers and manufacturers who produced currency dies, and the artistic connections are unmistakable.

Consider the HK-892 varieties documented in the thread: the differences in flagpole details, the number of stars between the flagpole and eagle’s wing (8 vs. 7), and the position of the rifle relative to the word “ARMY” — these are the same kinds of die varieties that paper money collectors study on National Bank Notes and Silver Certificates. The collecting methodology is identical: identify the die markers, compare against known varieties, and document your findings.

The large bronze plaques discussed in the thread — including the spectacular 15″ × 22″ piece produced in Paris and the 8″ square R.W. Bock copyrighted 1918 plaque — represent the medallic art tradition that directly influenced currency design. The allegorical figures, eagles, and patriotic motifs found on these plaques are the same visual vocabulary used on Silver Certificates and National Bank Notes. When you display these pieces together, the artistic connections become immediately apparent.

Actionable Takeaways for Buyers and Sellers

Whether you’re building a collection or looking to sell, here are my recommendations based on decades of experience in the syngraphics market:

For Buyers:

1. Start with the currency, then add the medals. Paper money from the WWI era is generally more affordable than the scarcer so-called dollars, and it provides the historical context that makes the medals more meaningful.
2. Focus on eye appeal over technical grade. A well-centered, nicely circulated VF National Bank Note from a rare bank is often a better buy than a technically higher-graded note from a common bank.
3. Buy the best you can afford in third-party holders. PMG and PCGS Banknote certification provides protection and liquidity that ungraded notes cannot match.
4. Research the bank’s history. A National Bank Note from a bank that failed during the post-war agricultural depression of the 1920s carries a different story than one from a bank that thrived. This historical context adds both interest and value.
5. Don’t overlook the small denominations. $1 and $2 Silver Certificates and National Bank Notes are often more affordable than their higher-denomination counterparts, and they were the notes most commonly carried by WWI soldiers.

For Sellers:

1. Get your notes graded before selling. A PMG-graded note will typically sell for 20–50% more than an ungraded equivalent, and the certification process usually costs less than the premium you’ll receive.
2. Document the provenance. If your National Bank Note or Silver Certificate has a documented history of ownership or a connection to a specific WWI-era event or location, this can significantly increase its value.
3. Consider selling currency and medals as a set. A matched set of WWI-era paper money and so-called dollars will often bring more than the sum of its parts, as it tells a more complete story.
4. Time your sale strategically. WWI centennial anniversaries (2017–2019) drove significant interest in this material. The upcoming 110th anniversary of U.S. entry into WWI (2027) may create another surge in demand.

The Human Element: Currency as a Window into Wartime Life

I want to close with something that I think is often lost in the technical discussions of grading, rarity, and value. The paper money of the WWI era was held by real people — soldiers heading off to France, factory workers producing munitions, families buying war bonds, and communities mourning their losses. When you hold a 1917 National Bank Note or an 1899 Silver Certificate, you’re holding something that may have been in the pocket of a doughboy who earned the Victory Medal you’re displaying alongside it.

The forum thread’s discussion of Samuel Woodfill — the Medal of Honor recipient whom General Pershing called “the most outstanding soldier of World War I” — reminds us that behind every medal, every so-called dollar, and every piece of currency, there are human stories of sacrifice, service, and survival. The Grace Banker story, in which a WWI telephone operator’s Victory Medal was finally presented to her granddaughter 105 years after she returned from the war, is a powerful reminder that these artifacts are not just collectibles — they are connections to real people and real events.

When I examine a WWI-era National Bank Note, I think about the bank teller who signed it, the merchant who accepted it, and the soldier who may have spent it on his last night stateside before shipping out. When I grade an 1899 Silver Certificate, I think about the millions of Americans who trusted that note to be worth a dollar’s worth of silver. These connections are what make syngraphics — and numismatics as a whole — so much more than a hobby. It’s a way of touching history.

Conclusion: The Enduring Value of WWI-Era Paper Money

The paper money of the World War I era represents one of the richest and most rewarding collecting fields in American syngraphics. National Bank Notes, Silver Certificates, Federal Reserve Notes, and Gold Certificates from the 1917–1919 period offer an extraordinary combination of historical significance, visual beauty, and collecting challenge. When paired with the WWI Victory and Participation Medals, so-called dollars, and exonumia discussed so passionately in the forum thread, these notes create a collecting experience that is far greater than the sum of its parts.

The key types to focus on — 1902 series National Bank Notes (especially the Plain Back and Red Seal varieties), 1899 Silver Certificates, 1914 and 1918 Federal Reserve Notes, and Gold Certificates from the 1913 series — are all available at a range of price points that make this field accessible to collectors at every budget level. The die varieties documented in the so-called dollar series (HK-892, HK-903, and their subtypes) have direct parallels in the paper money world, and collectors who study both fields will find their understanding of each enriched by the other.

As we approach the 110th anniversary of America’s entry into World War I, interest in this material is likely to grow. The stories of soldiers like Samuel Woodfill and Grace Banker remind us why these artifacts matter, and the currency that circulated alongside their medals and so-called dollars provides the essential economic context that makes their stories complete. Whether you’re a seasoned syngraphics expert or a newcomer to the field, I encourage you to explore the paper money of the WWI era — you’ll find it’s one of the most fascinating and rewarding corners of American numismatics.

Related Resources

You might also find these related articles helpful:

• Verdigris and PVC: Saving The Coin of the Immaculate Conception from Environmental Damage – Improper storage is the silent killer of numismatic value. Let’s break down the specific signs of environmental da…
• The Crack-Out Game: Should You Resubmit an NGC-Graded Israeli “Ghost” Coin to PCGS for a Potential Upgrade? – Sometimes the plastic holder is holding the coin back. Other times, it’s the market itself. Let’s talk about…
• The Artist’s Vision: The Designer Behind Which One to Buy Next — A Numismatic Deep Dive into the 2008 Gold Buffalo and the $500 Bill – To truly appreciate either of these pieces, you need to understand the artist who created it — and the political climate…