Few large-size notes capture the imagination quite like the Series 1918 $2 Federal Reserve Bank Note. Flip one over and you are greeted by a vignette so bold it practically demands attention: the USS New York, a New York-class battleship, steaming at full power alongside a pair of naval aeroplanes overhead. Collectors have called it the “Battleship Note” for generations, and the nickname is entirely deserved. On the obverse, Thomas Jefferson stares out from a bold blue-seal Federal Reserve Bank Note design, flanked by the signatures of local Federal Reserve Bank officials alongside those of Treasury officials. It is a stunning note by any measure, and the fact that it was issued across all twelve Federal Reserve districts makes it one of the most ambitious collecting puzzles in American numismatics.
What Is a Federal Reserve Bank Note?
Before diving into the specific varieties, it helps to understand exactly where Federal Reserve Bank Notes fit into the large-size currency landscape. FRBNs are often confused with Federal Reserve Notes, but they are a legally distinct type of currency. Federal Reserve Notes are obligations of the United States government, while Federal Reserve Bank Notes are obligations of the individual issuing Federal Reserve Bank. In practical terms, this means each of the twelve banks issued its own notes, each bearing the name, district letter, and district number of that specific bank prominently on the face of the note.
The Series 1918 $2 FRBN was authorized under the Federal Reserve Act and the Pittman Act of 1918, the latter of which melted down hundreds of millions of silver dollars to sell silver to Great Britain during World War I. The proceeds backed these notes, which is why they are technically secured by silver. The authorization was a wartime measure, and the notes were printed by the Bureau of Engraving and Printing in Washington, D.C., with distribution handled through each Federal Reserve Bank.
The Obverse Design and Signature Combinations
The obverse of the 1918 $2 FRBN is a busy but elegant composition. Thomas Jefferson anchors the center, with the issuing bank’s city and district prominently displayed. Two sets of signatures appear on each note. On the left side are the signatures of the Cashier and the Governor (later redesignated President) of the issuing Federal Reserve Bank. On the right side are the signatures of the Register of the Treasury and the Treasurer of the United States.
For the federal signature pairing, two combinations appear across the series. The more common pairing is Teehee-Burke, representing Register Houston B. Teehee and Treasurer John Burke. The second and generally scarcer pairing is Elliott-Burke, representing Register William S. Elliott and Treasurer John Burke. Not every district issued notes with both federal signature combinations, which adds another layer of complexity to the pursuit of a complete set.
When examining a 1918 $2 FRBN, always check both the federal signatures on the right and the bank officer signatures on the left. The bank-level signatures changed as personnel turned over, meaning some districts have multiple local signature varieties that are listed separately in major catalogues such as the Standard Catalog of United States Paper Money and Friedberg’s Paper Money of the United States.
The Battleship Reverse: A Design Born of Wartime Pride
The reverse design of the 1918 $2 is among the most dramatic ever to appear on American paper currency. The central vignette depicts the USS New York (BB-34), a battleship commissioned in 1914 and actively serving during World War I. Above the ship, two early military aeroplanes flank the scene, a nod to the nascent air power that was reshaping warfare. The note was produced during a period of intense national pride in military strength, and the design reflects that sentiment directly.
The engraving itself is exceptional. Collectors who have examined high-grade examples under magnification consistently note the fine detail in the ship’s hull plating, the wake lines, and the flag rigging. In grades of Very Fine or better, this reverse design is as visually compelling as anything the Bureau of Engraving and Printing produced in the large-size era. It is a genuine piece of wartime graphic design at its finest.
Surface preservation is critical on the battleship reverse. Because the vignette is dense with fine engraved lines, cleaning or pressing leaves telltale signs under magnification. When grading or purchasing, request high-resolution scans of the reverse specifically, and look for natural paper sheen rather than the artificial flatness left by pressing.
The Twelve Districts: A District-by-District Overview
The twelve Federal Reserve districts correspond to the twelve Federal Reserve Banks established by the Federal Reserve Act of 1913. Each district issued its own $2 notes with a unique district letter (A through L) and district number (1 through 12) printed on the face. Assembling one note from each district is the foundational collecting goal for this type, though advanced collectors pursue complete signature variety sets, dramatically multiplying the number of notes required.
The districts and their cities are as follows: Boston (A-1), New York (B-2), Philadelphia (C-3), Cleveland (D-4), Richmond (E-5), Atlanta (F-6), Chicago (G-7), St. Louis (H-8), Minneapolis (I-9), Kansas City (J-10), Dallas (K-11), and San Francisco (L-12). Print quantities varied considerably by district, reflecting population distribution and commercial banking activity of the era. Boston, New York, and Chicago notes tend to appear with greater frequency in the market, while Richmond, Minneapolis, and Dallas notes are considerably harder to locate, especially in higher grades.
Serial Number Ranges and Plate Letters
Serial numbers on the 1918 $2 FRBNs are district-specific, meaning each bank maintained its own serial number series. Numbers are printed in blue ink and are preceded by the district letter. The suffix letter, if present, indicates a second run. Plate position letters (A, B, C, D) appear in the lower corners of the obverse and correspond to the note’s position on the 12-subject printing plate used by the BEP at the time.
High serial numbers within a given district can sometimes indicate later print runs, which may correlate with the Elliott-Burke signature combination where it appears. However, collectors should exercise caution about drawing definitive conclusions from serial numbers alone without reference to established population data from grading services such as PMG and PCGS Currency.
Grading Considerations for the 1918 $2 FRBN
Large-size notes of this era present specific grading challenges. Paper quality from the World War I period is generally good, but the sheer age of these notes means that original Uncirculated examples are genuinely rare. Most collector specimens grade in the Fine to Extremely Fine range. Folds are the primary detractor in this range, and the heavy ink coverage of both the obverse and the battleship reverse makes fold lines especially visible.
Margins are another important grading factor. The 1918 $2 FRBNs were cut from sheets, and notes with consistently wide margins on all four sides command significant premiums, especially for known scarce districts. A narrow margin on one side is acceptable, but dramatically uneven margins can suppress grade or reduce market value even on an otherwise sharp example.
For the rarer district varieties, such as Richmond, Minneapolis, and Dallas, do not hold out indefinitely for a high-grade example before purchasing. A sound Very Fine specimen from one of these scarce districts may be your only realistic opportunity in a given collecting lifetime. Set realistic grade targets based on actual population reports rather than theoretical ideals.
Key Varieties and the Elliott-Burke Scarce Issues
Within the series, certain combinations of district and signature pairing are dramatically scarcer than others. The Elliott-Burke signature combination (with Register William S. Elliott replacing Houston Teehee beginning in 1919) was produced in much smaller quantities, and not all twelve districts issued notes with this pairing. Richmond with Elliott-Burke signatures is among the most coveted varieties in the entire large-size FRBN series. Known examples in any gradeable condition sell for strong four-figure sums at major auction, and Uncirculated examples are rarely seen.
Minneapolis with Teehee-Burke signatures is itself a key note, with relatively few examples documented in major population reports. Dallas and Kansas City also present challenges for completionists. The San Francisco district, while geographically remote from the financial centers of the era, produced sufficient quantities that its notes appear with moderate regularity in the market.
| District / City | Signature Combination | Approx. Known / Notes | Rarity |
|---|---|---|---|
| Boston (A-1) | Teehee-Burke | Several hundred known | Common |
| New York (B-2) | Teehee-Burke | Largest print run of any district | Common |
| Philadelphia (C-3) | Teehee-Burke | Moderate survivors | Common |
| Cleveland (D-4) | Teehee-Burke | Moderate survivors | Common |
| Richmond (E-5) | Teehee-Burke | Scarce; fewer than 100 confirmed | Scarce |
| Richmond (E-5) | Elliott-Burke | Extremely few known; major auction appearances rare | Key Date |
| Atlanta (F-6) | Teehee-Burke | Scarce; moderate collector demand | Scarce |
| Chicago (G-7) | Teehee-Burke | Common; regularly available | Common |
| Minneapolis (I-9) | Teehee-Burke | Rare; few dozen known across grades | Rare |
| Dallas (K-11) | Teehee-Burke | Scarce; fewer survivors than print run suggests | Scarce |
| Kansas City (J-10) | Elliott-Burke | Rare; seldom offered at auction | Rare |
| San Francisco (L-12) | Teehee-Burke | Moderate; available with patience | Common |
Market Values and Auction Trends
Common district examples in circulated grades (Fine to Very Fine) typically trade in the $150 to $400 range, making the 1918 $2 FRBN an accessible entry point into large-size collecting for the major districts. Extremely Fine and About Uncirculated examples from Boston, New York, Chicago, and Philadelphia can bring $500 to $1,200 depending on eye appeal and centering. True Uncirculated examples from any district are genuinely scarce and command premiums well above those figures.
For the rare districts and signature varieties, all bets are off. A Richmond Teehee-Burke in Fine condition can bring $2,500 or more at a Heritage or Stack’s Bowers auction, and Elliott-Burke rarities from Richmond and Kansas City have sold for five figures in recent years. The Minneapolis notes in any grade are aggressively bid by registry set collectors. Tracking completed auction results through heritage.com and stacksbowers.com is essential for understanding current market conditions before making significant purchases.
Building a Complete Set: Strategies for Collectors
A complete twelve-district type set, with one example from each Federal Reserve Bank, is an achievable goal for a patient collector with a moderate budget. Focus on the common districts first, building momentum and familiarity with the note type before pursuing the scarce ones. Join the Society of Paper Money Collectors (SPMC) to access dealer networks, auction previews, and fellow collectors who may have duplicates available for trade or private sale.
For the rarer varieties, set price alerts on major auction platforms and be prepared to act decisively when a desired example appears. The Richmond Elliott-Burke, the Minneapolis Teehee-Burke, and the Kansas City Elliott-Burke are the three notes that will test any completionist. If budget permits, consider buying the best example you can afford when one of these appears rather than waiting for a theoretical upgrade that may not materialize for years.
Third-party grading holders from PMG or PCGS Currency provide crucial documentation for the rarer 1918 $2 district varieties. A raw (unholdered) example of a Richmond or Minneapolis note should be submitted for authentication and grading before purchase if at all possible. Counterfeits and altered notes exist in the large-size market, and professional certification adds both protection and resale value.
Conclusion: An American Classic Worth the Chase
The Series 1918 $2 Federal Reserve Bank Note stands as one of the defining collecting challenges in large-size American currency. It offers accessibility through the common districts, genuine rarity through the scarce ones, and an extraordinary reverse design that makes even circulated examples a pleasure to display. The battleship vignette is a window into the patriotic fervor of World War I America, and the twelve-district structure means that assembling a complete set demands real dedication, market knowledge, and patience. Whether you are building a simple type set or pursuing every signature variety across all twelve districts, the 1918 $2 FRBN will reward serious study and reward it well. Few areas of American numismatics offer this combination of visual drama, historical depth, and collecting challenge in a single series.
