Pick up a Series 1923 $5 Silver Certificate and something immediately sets it apart from nearly every other piece of American paper money. Lincoln’s portrait is not centered in the usual rectangular vignette. Instead, it floats inside a heavy oval frame, positioned to the left of the note’s face, giving the bill the appearance of a ship’s porthole cut into the paper itself. Collectors have called it the ‘Porthole Note’ for as long as anyone can remember, and the nickname is entirely deserved. Issued during the final years of large-size currency production, this note bridges the grand engraving tradition of the nineteenth century and the more economical small-size format that would replace it in 1929. For collectors today, it represents a genuinely accessible entry point into large-size currency, while also offering genuinely rare varieties that can challenge even advanced specialists.
A Portrait That Demands Attention
The Bureau of Engraving and Printing based the Lincoln portrait on a familiar source, the same general likeness that had appeared on earlier currency issues, but the oval framing device on the 1923 $5 gives it an almost three-dimensional quality. The heavy lathe-work border surrounding the portrait creates a depth that flat rectangular vignettes simply cannot match. The engravers at the BEP were at the height of their craft in this era, and the hatching work on Lincoln’s face and coat rewards close examination under magnification.
The reverse design is equally impressive. A large numeral “5” dominates the center, flanked by intricate geometric engine-turning. The words “SILVER CERTIFICATE” appear prominently, and the obligation reads “THIS CERTIFIES THAT THERE HAVE BEEN DEPOSITED IN THE TREASURY OF THE UNITED STATES FIVE SILVER DOLLARS PAYABLE TO THE BEARER ON DEMAND.” That redemption promise, backed by actual silver coins sitting in Treasury vaults, gave these notes a tangible monetary weight that modern Federal Reserve Notes simply do not carry.
The Friedberg Varieties: Signatures Make the Difference
Standard numismatic reference for large-size U.S. currency is Robert Friedberg’s “Paper Money of the United States,” now in its twenty-second edition. The 1923 $5 Silver Certificate is cataloged under four primary Friedberg numbers, each corresponding to a different signature combination of Treasurer of the United States and Secretary of the Treasury.
Fr. 282 (Woods-White): This pairing combines Treasurer Walter O. Woods and Secretary John W. Weeks. It is generally considered the most common variety of the series. Woods served as Treasurer from 1921 to 1928, providing a long tenure that accounts for high print volumes on several note types. Fr. 282 examples in Very Fine condition have sold in the range of $150 to $300 in recent auction results, making them accessible to budget-conscious collectors.
Fr. 282a (Woods-Mellon): Here Woods is paired with Andrew W. Mellon, who served as Treasury Secretary from 1921 all the way through 1932, making Mellon one of the most frequently appearing signatures on notes of this era. The Woods-Mellon combination on the $5 Silver Certificate is somewhat scarcer than Fr. 282 but still obtainable. Expect to pay $200 to $450 in Very Fine, with Extremely Fine examples regularly exceeding $600.
Fr. 282b (Speelman-White): Treasurer Frank White served from 1921 to 1922, and his pairing with Treasurer Houston B. Speelman covers a narrow window of issuance. Wait, to clarify the correct attributions: Speelman-White refers to Treasurer H.V. Speelman and Secretary John W. Weeks. This variety sees fewer survivors in high grades and commands a meaningful premium.
Fr. 282c (Speelman-White, blue serial): Catalog numbering across different editions can create some confusion here, but collectors should note that serial number color and font variations exist within this series. Consulting the most recent edition of Friedberg or cross-referencing with the PCGS or PMG population reports before purchasing a note described as a scarce variety is always wise.
Always verify the signature combination on a Porthole Note before buying. The two signature blocks appear at the lower left and lower right of the note face. Misidentified varieties, particularly confusion between Fr. 282 and Fr. 282a, are common in lower-end dealer stock and at general antique auctions. A loupe and a current Friedberg guide are your best friends here.
Serial Numbers, Treasury Seals, and What to Look For
All Series 1923 $5 Silver Certificates carry a blue Treasury seal, consistent with the Silver Certificate series of this era. The seal appears on the right side of the note face, printed in a rich cobalt blue that, on well-preserved examples, still displays considerable vibrancy after a hundred years. Serial numbers are also printed in blue ink and run in a standard six-digit format with a letter prefix and suffix.
Star notes, replacement notes printed with a star at the end of the serial number to replace defective sheets, exist for this series and are genuinely rare. A star note from the 1923 $5 series in any collectible grade is a significant find. Heritage Auctions and Stack’s Bowers records document only a handful of certified star note examples across all Friedberg varieties, and prices at auction reflect that scarcity, with Fine examples having sold for well over $2,000 and choice specimens commanding multiples of that figure.
When examining a Porthole Note in person, tilt it under a raking light source and check the paper surface carefully. Large-size notes of this era are frequently pressed, washed, or chemically cleaned to improve apparent grade. Genuine uncirculated examples will show original paper crispness and natural surface texture. A pressed VF note can fool the eye in flat lighting but reveals its true condition instantly when examined at an angle.
Grading Considerations for Large-Size Silver Certificates
Large-size notes present grading challenges that differ somewhat from small-size currency. The sheer physical size of these notes (7.42 inches by 3.125 inches) means that folds, which are the primary grade-breakers, tend to be longer and more visible than on modern currency. A single vertical center fold on a Porthole Note immediately places it in the Fine to Very Fine range at best, depending on the crispness of the paper and the absence of other flaws.
For the 1923 $5, the grading tiers collectors target most actively are:
- Very Good (VG-10): Heavy circulation wear, multiple folds, possibly small edge tears. Still shows the Lincoln portrait clearly. Entry-level examples run $80 to $150 depending on variety.
- Fine (F-12 to F-15): Moderate circulation, clear folds but no tears or significant soiling. A solid display piece at $120 to $200 for common varieties.
- Very Fine (VF-20 to VF-35): Light to moderate folds, bright paper, good color. The sweet spot for many collectors balancing quality and cost, typically $200 to $500.
- Extremely Fine (EF-40 to EF-45): Minor fold evidence only, outstanding eye appeal. Prices rise sharply here, $500 to $900 for common varieties.
- About Uncirculated (AU-50 to AU-58): Faint handling evidence or a single light fold. These examples approach the $1,000 mark and beyond for most varieties.
- Gem Uncirculated (MS-65 to MS-66): Original crispness, perfect centering, no folds. Gem examples of this note are genuinely rare. A PCGS Gem 65 example of Fr. 282 sold at Heritage in 2022 for just over $3,800.
Historical Context: The Last of the Large-Size Era
The Series 1923 $5 Silver Certificate was issued right at the sunset of large-size American currency production. Congress authorized the transition to small-size notes in 1929, primarily for economic reasons: smaller notes required less paper and less ink, and they fit more easily in the wallets and cash registers of an increasingly mobile American economy. The 1923 series notes continued circulating well into the 1930s, meaning that many examples absorbed significant wear before being set aside.
Silver Certificates themselves had a long history dating back to the Act of February 28, 1878, which created them as a direct response to political pressure from silver-producing states. The certificates allowed silver dollars to sit in Treasury vaults while paper proxies circulated in daily commerce. By 1923, this system was well established, and the $5 Silver Certificate was a staple of American commerce. When you hold a Porthole Note today, you are holding a piece of paper that a farmer might have used to buy seed in 1925, or that a factory worker in Chicago might have received as part of a weekly wage.
Consider building a type set that pairs the 1923 $5 Silver Certificate with the 1923 $1 Silver Certificate (Fr. 237 to 238), which features a similar design aesthetic and the same large-size format. The two notes displayed together in a properly archival-safe frame make a stunning presentation and tell a coherent story about the final decade of large-size U.S. currency production.
The Note in the Broader Collection
For collectors specializing in Silver Certificates, the Porthole Note occupies a pivotal position in any type collection. It is the last $5 Silver Certificate issued in large-size format, and its oval portrait device is unique within the denomination. Collectors who pursue an extended Silver Certificate type set will find this note essential, alongside issues like the Educational Series of 1896, the 1899 “Chief” $5, and the small-size issues running from 1934 through 1953.
The note also appeals strongly to Lincoln collectors, who pursue the sixteenth president’s image across coins, medals, and paper money. Lincoln appears on more U.S. currency denominations than any other historical figure, and the Porthole Note’s portrait is among the most artistically compelling of all of them. This crossover appeal between currency collectors and Lincoln memorabilia enthusiasts helps support demand and prices at auction.
| Friedberg Number | Signature Combination | Estimated Survivors | Rarity |
|---|---|---|---|
| Fr. 282 | Woods / White | Several thousand | Common |
| Fr. 282a | Woods / Mellon | Estimated 1,500 to 2,500 | Scarce |
| Fr. 282b | Speelman / White | Estimated 500 to 900 | Rare |
| Fr. 282 Star Note | Woods / White (Star) | Fewer than 20 known | Key Date |
| Fr. 282a Star Note | Woods / Mellon (Star) | Fewer than 12 known | Key Date |
| Fr. 282 Gem (65 PPQ) | Any Variety, Gem Grade | Under 30 certified across all varieties | Rare |
| Fr. 282b Gem (65 PPQ) | Speelman / White, Gem | Fewer than 5 certified | Key Date |
Where to Find Porthole Notes Today
Major auction houses remain the best source for higher-grade and scarcer variety examples. Heritage Auctions, Stack’s Bowers, and Lyn Knight Currency Auctions all regularly offer Series 1923 $5 Silver Certificates, and their online archives provide an invaluable pricing history database. For circulated examples in the Fine to Very Fine range, established currency dealers at major shows such as the FUN Convention in January or the ANA World’s Fair of Money in August will typically have examples in stock. The PCGS CoinFacts and PMG Note Registry also allow collectors to research certified population data before bidding.
When purchasing raw (uncertified) examples, the usual cautions apply. Pressed, cleaned, or repaired notes are a persistent issue in large-size currency. For any note valued above $200, third-party certification through PMG (Paper Money Guaranty) or PCGS Currency is strongly recommended. The grading fee is modest compared to the protection it provides against artificially enhanced notes.
Conclusion: A Century-Old Window Worth Opening
The Series 1923 $5 Silver Certificate Porthole Note is precisely the kind of note that reminds collectors why paper money deserves the same serious attention as coins. It is beautiful by any standard, steeped in monetary history, technically fascinating in its production, and still obtainable at prices that do not require a second mortgage. A Fine example of Fr. 282 can be acquired for under $200, and even a Very Fine example with original paper character is attainable for most collectors. At the same time, the star note varieties and high-grade certified specimens offer the kind of genuine rarity that serious advanced collectors pursue across a career. Whether you are just discovering large-size currency or rounding out a decades-long Silver Certificate collection, the Porthole Note belongs in the conversation and, ideally, in the album.
