Pull a Series 1918 $1 Federal Reserve Bank Note from a dealer’s stock and you are holding a piece of American monetary history that bridges two eras. Issued during the final years of large-size currency production, these notes were printed under the authority of the Federal Reserve Bank Act and bear a reverse design so striking that collectors long ago christened them the “Green Eagle Back.” A soaring spread-winged American bald eagle dominates the reverse in rich olive-green ink, flanked by allegorical figures and the denomination. The obverse carries a portrait of George Washington at center, district identification letters and numbers in the corners, and the issuing bank’s name printed prominently across the face. Twelve Federal Reserve districts each issued notes, and those district differences drive one of the most nuanced collector markets in large-size U.S. paper money.
Background: What Exactly Is a Federal Reserve Bank Note?
New collectors sometimes confuse Federal Reserve Bank Notes with the familiar Federal Reserve Notes we carry today. The distinction matters. Federal Reserve Notes, introduced by the Federal Reserve Act of 1913, are obligations of the United States government. Federal Reserve Bank Notes, by contrast, are obligations of the individual issuing Federal Reserve Bank itself, secured by United States bonds deposited with the Treasury. When Congress authorized the Series 1918 one-dollar FRBN, it was responding in part to wartime currency demand; the government needed circulating paper in smaller denominations while the country mobilized resources for World War I. The Bureau of Engraving and Printing produced these notes rapidly, and all twelve district banks participated.
The Friedberg catalog, the standard reference for U.S. paper money, assigns individual numbers to each district and each distinct signature combination. For the $1 Green Eagle series, that produces Friedberg numbers ranging from Fr. 708 (Boston, Teehee-Burke / Willett-Morss) through Fr. 746 (San Francisco, Teehee-Burke / Clerk-Lynch). Understanding those Friedberg numbers is the first step toward building a systematic district set.
The Face Design: Signatures, Seals, and District Identifiers
Every Series 1918 $1 FRBN shares the same basic face layout. George Washington appears at center in a finely engraved portrait based on the Gilbert Stuart “Athenaeum” painting. A blue Treasury seal appears to Washington’s right. To his left sits the district seal, a circular device bearing the Federal Reserve district letter and number. District letters run A through L, with Boston assigned the letter A and district number 1, New York the letter B and district number 2, and so on through San Francisco at L and 12.
Two sets of signatures appear on each note. The upper signature pair belongs to the Treasurer of the United States and the Secretary of the Treasury. The lower pair identifies the Governor (later President) and Cashier of the issuing Federal Reserve Bank. For the Series 1918 issues, most notes carry the federal signature combination of John Burke as Treasurer and William McAdoo or Carter Glass as Secretary. McAdoo served as Secretary from December 1913 through December 1918, while Glass took over from December 1918 through February 1920. That transition creates two distinct federal signature combinations across the series, and bank-level signers add further variety beneath. Collectors assembling a complete signature-variety set quickly discover how many distinct notes the series actually comprises.
When examining a Series 1918 $1 FRBN, check both signature pairs carefully before purchasing. A note listed simply as “Boston” could represent any of three distinct signature combinations (Fr. 708, Fr. 709, or Fr. 709a), each with very different survival populations and catalog values. Dealers occasionally overlook lower-signature nuances, creating opportunities for informed buyers.
The Reverse Design: Understanding the Green Eagle
Turn the note over and the full impact of the design becomes clear. Engravers at the Bureau of Engraving and Printing rendered a large spread-eagle at center, printed in a distinctive olive-green ink that collectors find immediately recognizable. Two allegorical figures flank the eagle: a personification of Agriculture at left and Industry at right. The denomination “ONE DOLLAR” appears in large letters at the bottom, and ornate lathe-work fills the borders. The design shares its basic compositional language with several contemporary large-size issues but the specific combination of eagle placement, figure arrangement, and ink color makes it unique to this series. Condition survival of the reverse image is a key grading factor; the eagle’s wing feathers and the faces of the allegorical figures show wear first and should be examined under good lighting before any purchase.
District by District: A Collector’s Overview
Twelve banks issued these notes, but they did not issue them in equal quantities, and they do not survive in equal numbers. Here is a district-by-district summary of what collectors should know.
Boston (District 1, Letter A)
Boston notes carry Friedberg numbers Fr. 708, Fr. 709, and Fr. 709a, reflecting three signature combinations. The bank’s signers included Governor Charles Morss paired with Cashier Alfred Willett in the earliest issues, and later Governor Charles Morss paired with Cashier Frederick Curtiss. Print runs for Boston were comparatively modest. Modern auction records from Heritage, Stack’s Bowers, and Lyn Knight show that choice Fine (F-15) Boston examples regularly bring $200 to $350, while Extremely Fine (XF-40) specimens can approach $600 to $900 depending on the specific Friedberg variety. Gem Uncirculated (MS-65 or better by PMG or PCGS Currency standards) Boston notes are genuinely rare and have crossed $2,500 at major auction. The relative scarcity of Boston issues in high grade drives their premium standing.
New York (District 2, Letter B)
New York printed the largest quantities of any single district. Fr. 710 through Fr. 714 cover the New York issues, with multiple signature combinations documented. High-grade survivors are more available than from most districts simply because raw print volume was greater. A solid XF New York example typically brings $175 to $275, noticeably less than a comparable Boston note.
Philadelphia (District 3, Letter C)
Philadelphia notes (Fr. 715 through Fr. 720) occupy middle-tier rarity status. The city’s position as a major banking center meant strong circulation, which reduces the Fine-or-better survival rate. Collectors sometimes find Philadelphia notes with exceptional paper quality, possibly because some quantities reached small-town banking channels in Pennsylvania rather than heavy urban circulation.
Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, San Francisco
The remaining eight districts each contribute their own Friedberg numbers (Fr. 720 through Fr. 746) and their own survival stories. Atlanta and Dallas issues tend to surface in lower average grades, suggesting heavy circulation in the South and Southwest. Minneapolis and Kansas City notes appear with less frequency at major auctions, though their catalog values do not always reflect this scarcity because collector demand in those regions has historically been softer. San Francisco notes (Fr. 742 through Fr. 746) are genuinely scarce in grades above Fine and deserve more attention than they sometimes receive from collectors focused on the better-documented Boston premium.
Dallas and Atlanta district notes in grades of Very Fine (VF-20) or better are statistically scarcer than many published price guides reflect. If you are building a district set on a budget, consider targeting Atlanta (Fr. 725-730) or Dallas (Fr. 741) notes in Fine grades rather than overpaying for the Boston premium. You will own genuinely rare paper for less money.
Why Boston Commands the Premium
Several converging factors explain why Boston issues lead the market. First, print runs were lower. While the BEP did not publish comprehensive district-by-district production figures for all Series 1918 issues, census data from PMG and PCGS Currency consistently shows Boston varieties near the bottom of the population rankings in grades above VF-30. Second, Boston has historically attracted the most systematic collector attention among New England numismatists, creating robust auction competition when choice examples appear. Third, the specific Friedberg 708 variety (Teehee-Burke / Willett-Morss signature combination) represents the first-printed Boston issue and carries the lowest Friedberg number in the entire series, giving it both catalog prominence and psychological appeal to completionists. A PMG Extremely Fine 45 example of Fr. 708 offered at a Stack’s Bowers sale in 2021 realized $840 against a pre-sale estimate of $600, illustrating how real demand outpaces guide values at the top of the grade scale.
Grading Considerations Specific to This Series
Large-size notes from 1918 are more than a century old, and their paper is correspondingly fragile. Several grading points deserve specific attention for the Green Eagle series. Corner folds are the most common defect and the most grade-damaging; a single diagonal corner fold drops most notes at least two full grade levels. The paper itself was produced by the BEP on relatively high-rag-content stock that ages to a warm cream color in original, undipped condition. Notes that have been cleaned or pressed show an artificially bright white paper that experienced graders identify immediately. The green ink on the reverse is moderately vulnerable to moisture damage; check the eagle’s breast feathers for any green ink migration or staining. Serial numbers were printed in red ink on these notes, and faded serials sometimes indicate exposure to light or liquid. Always examine serials under ultraviolet light before purchasing raw examples.
Submit any raw Series 1918 $1 FRBN to PMG or PCGS Currency before significant purchases or sales. The certification bodies’ census data for this series is extensive enough to be meaningful, and a third-party grade dramatically improves resale liquidity. A PMG VF-30 with an “EPQ” (Exceptional Paper Quality) designation can bring 30 to 50 percent more than the same technical grade without EPQ.
Building a Complete District Set
The most common collecting goal for this series is a twelve-note district set, one example per Federal Reserve Bank. This is achievable on virtually any budget. A complete set in Fine average grade can be assembled for $1,500 to $2,500 with patience and dealer networking. A VF-average set runs approximately $3,000 to $5,000. Full EF or better across all twelve districts will exceed $8,000 to $12,000 depending on whether you pursue the more affordable single-variant-per-district approach or seek specific Friedberg numbers within each district. The more ambitious goal of a complete Friedberg-variety set covering all signature combinations is a multi-year, multi-thousand-dollar project attempted by only a small number of advanced collectors, but those who complete it own one of the most comprehensive single-series collections in large-size American paper money.
| Friedberg No. | District / Variety | Est. Population (VF+) | Rarity |
|---|---|---|---|
| Fr. 708 | Boston (Teehee-Burke / Willett-Morss) | Approx. 80-120 known | Key Date |
| Fr. 709 | Boston (Teehee-Burke / Morss-Curtiss) | Approx. 150-200 known | Rare |
| Fr. 713 | New York (Elliott-Burke / Strong-Hendricks) | Approx. 400-600 known | Scarce |
| Fr. 715 | Philadelphia (Teehee-Burke / Passmore-Hardt) | Approx. 250-350 known | Scarce |
| Fr. 726 | Atlanta (Teehee-Burke / Bell-Pike) | Approx. 100-160 known | Rare |
| Fr. 729 | Chicago (Teehee-Burke / McCloud-McDougal) | Approx. 500-700 known | Common |
| Fr. 735 | Minneapolis (Teehee-Burke / Wold-Peyton) | Approx. 130-180 known | Rare |
| Fr. 741 | Dallas (Teehee-Burke / Talley-Van Zandt) | Approx. 90-130 known | Key Date |
| Fr. 742 | San Francisco (Teehee-Burke / Clerk-Lynch) | Approx. 120-170 known | Rare |
| Fr. 710 | New York (Teehee-Burke / Hendricks-Strong) | Approx. 700-1,000 known | Common |
Where to Find Series 1918 $1 Green Eagle Notes Today
Major auction houses including Heritage Auctions, Stack’s Bowers Galleries, and Lyn Knight Currency Auctions regularly offer Green Eagle singles and sets. For collector-to-collector transactions, the Paper Money Collectors of America (PMCA) and the Society of Paper Money Collectors (SPMC) both maintain active membership networks with buy-sell-trade listings. Online platforms such as eBay produce a steady stream of raw examples, many grading Fine to Very Fine, where careful buyers can find value, though raw notes require diligent authentication examination before purchase. Certified examples on major platforms typically carry a 15 to 25 percent premium over raw equivalents, often justified by the peace of mind.
Conclusion: A Series Worth Pursuing at Every Level
The Series 1918 $1 Federal Reserve Bank Note represents everything that makes large-size American paper money rewarding as a specialty. The design is visually dramatic and historically significant. The district variety creates structured collecting goals that can be scaled to any budget. The market is active and reasonably liquid for certified examples. And the research required to understand signature combinations, Friedberg varieties, and survival data rewards the collector who invests time in the literature. Boston notes will continue to lead the market because the data supports their premium, but the entire series deserves a place in any serious large-size collection. Whether you acquire a single choice example of your home district or pursue a complete twelve-note set, the Green Eagle Back will prove to be one of the most satisfying decisions you make as a collector.
