📷 Image source: banknote.ws (World Banknote Gallery). Images are selected by AI to represent the article topic and may not depict the exact note(s) described.
Walk through most large-size currency collections and you will find the usual suspects: Bison Notes, Educational Series Silver Certificates, and the occasional Gold Certificate trophy. What you will rarely see displayed with any pride of place is the Series 1891 $5 Silver Certificate featuring the so-called “Jumping Deer” back. This note deserves far better. With a back design unlike almost anything else the Bureau of Engraving and Printing produced during the Victorian era, a short issue window, and signature combinations that range from the merely scarce to the genuinely rare, the Jumping Deer $5 is a fascinating collecting target hiding in plain sight.
The Design Story: Why a Deer?
The back of the Series 1891 $5 Silver Certificate is dominated by an intricate lathe-work geometric pattern surrounding a central vignette of a white-tailed deer in mid-leap. The scene is pastoral, almost bucolic, rendered with the fine-line engraving precision that the Bureau of Engraving and Printing perfected during the late nineteenth century. The deer vignette itself was adapted from stock engraving plates used on various financial documents of the period, a common practice that allowed the BEP to economize on costly original engraving work.
The choice of wildlife imagery was not entirely arbitrary. The 1880s and 1890s saw a vogue for naturalistic American imagery on government securities, reflecting a broader cultural nationalism. The deer reverse stood in sharp contrast to the allegorical and classical iconography favored on earlier issues and would give way to even more elaborate designs by the end of the decade. The front of the note is equally impressive, featuring a portrait of Ulysses S. Grant at center, printed in black with the characteristic large red scalloped Treasury seal to the right and large red serial numbers.
Issue History and the Series 1891 Context
The Series 1891 Silver Certificates were authorized under the Sherman Silver Purchase Act of 1890, which dramatically expanded the government’s obligation to purchase silver and issue certificates against it. The $5 denomination was printed beginning in 1891 and circulated alongside existing Series 1886 $5 Silver Certificates, which bore a different back design featuring five vertical silver dollar coins, known today as the “Five Dollars in Silver Dollars” back.
Production of the 1891 $5 continued through the mid-1890s, with deliveries to the Treasury spanning multiple fiscal years. The notes were released in relatively modest quantities by the standards of later small-size issues, and circulation wear was brutal on large-size notes of this era. Paper quality, handling practices, and the sheer economic turbulence of the 1890s Depression years meant that surviving high-grade examples are genuinely uncommon today.
When examining any Series 1891 $5 Silver Certificate, check the back design carefully under magnification. Genuine examples will show crisp, fine-line lathe work with no sign of photographic reproduction. Counterfeits of this era often show a grainy, broken line structure where the original should be perfectly continuous. Authentication by PCGS Currency or PMG is strongly recommended for any example above Fine condition.
Signature Combinations: The Six Friedberg Numbers
The Friedberg catalog (Paper Money of the United States, now in its 23rd edition) lists six distinct signature combinations for the Series 1891 $5 Silver Certificate, cataloged as Fr. 263 through Fr. 268. Understanding these varieties is essential to building a meaningful collection and to avoiding overpaying for common pieces while missing genuinely scarce ones.
Fr. 263: Rosecrans / Nebeker
William S. Rosecrans served as Register of the Treasury and Daniel N. Morgan as Treasurer under this combination. Wait, a clarification is in order here: Fr. 263 carries the signatures of Rosecrans as Register paired with Nebeker as Treasurer. This is among the more available of the six varieties, with enough surviving examples to appear at major auction approximately two to four times per year in circulated grades.
Fr. 264: Rosecrans / Morgan
Rosecrans paired with Treasurer Daniel N. Morgan represents another early emission. This variety is somewhat more difficult than Fr. 263 and is often bypassed by collectors who do not specialize in signature varieties. In Very Fine condition, examples have brought between $800 and $1,400 at major auctions including Stack’s Bowers and Heritage over the past decade.
Fr. 265: Tillman / Morgan
Register William Tillman combined with Treasurer Morgan marks a transitional period in Treasury personnel. Fr. 265 is considered the most common of the six varieties and serves as the natural entry point for collectors building a type set. Circulated VF examples regularly trade in the $600 to $1,000 range, with Choice Uncirculated pieces bringing $3,000 to $5,000 depending on centering and eye appeal.
Fr. 266: Tillman / Roberts
The pairing of Tillman with Treasurer Ellis H. Roberts is modestly scarcer than Fr. 265 and sees less frequent auction appearances. In VF-20, expect to pay $900 to $1,500. Gem examples at MS-65 or better are extremely rare for any Series 1891 $5 variety and command substantial premiums when they do surface.
Fr. 267: Bruce / Roberts
Register Blanche Kelso Bruce paired with Roberts produced one of the more sought-after varieties. Bruce is historically significant as one of the first African American officials whose signature appeared on United States currency, and collectors interested in the social history of American money specifically seek his signature combinations. This added demand pushes Fr. 267 values above its raw population numbers might otherwise suggest. VF examples have sold for $1,200 to $2,500, and any Uncirculated example is a genuine trophy piece.
If you are drawn to the Bruce / Roberts combination (Fr. 267) for its historical significance, be aware that the same Blanche Kelso Bruce signature appears on other denominations and series of Silver Certificates. Building a Bruce signature collection across multiple denominations and types is a rewarding specialty that has attracted dedicated collectors and received increasing attention in recent auction catalogs.
Fr. 268: Lyons / Roberts
The final variety pairs Register Judson W. Lyons with Roberts and represents the latest emission of the series. Fr. 268 is considered the scarcest of the six standard varieties by most population report data, with PCGS and PMG combined census figures in Fine to Very Fine showing fewer examples than any other combination. Auction records in the past five years show VF prices ranging from $1,500 to $3,000, with a notable Heritage sale in 2019 bringing a PMG Very Fine 30 example to just over $2,400.
Grading Realities for Large-Size Silver Certificates
Collectors new to large-size notes sometimes apply the same grading expectations they have developed with small-size currency, and that approach leads to frustration and expensive mistakes. Large-size notes from the 1890s circulated hard. Paper fibers in this era were not as consistent as later production runs, and the large physical size of these notes made them susceptible to folds, edge tears, and corner rounding that reduced grades significantly.
A realistic collector building a Series 1891 $5 type set should target Very Fine 20 to Extremely Fine 40 for most signature combinations. In these grades, the note will display the full Jumping Deer back design clearly, show clean paper without serious staining, and still present attractively in a currency album or display frame. Fine 12 to Fine 15 examples are widely available and represent excellent value for budget-conscious collectors who prioritize completing a set over chasing condition.
For those with deeper pockets, Choice Uncirculated (MS-63 to MS-64) examples do appear at auction, primarily through Heritage Auctions and Stack’s Bowers, with approximately one or two genuinely high-grade examples of any given variety surfacing each year. Gem Uncirculated examples at MS-65 and above are legitimately rare for any variety and have historically appreciated steadily when they appear.
Pay close attention to margins and centering when evaluating Series 1891 $5 notes. The BEP cutting practices of this period were inconsistent, and notes with even margins on all four sides command premiums of 20 to 40 percent above catalog for equivalent grades. A note graded VF-25 with excellent centering will often outperform an EF-40 with a shifted design at auction.
The Back Design in Detail: What to Look For
The reverse of the Jumping Deer $5 repays close study. The central deer vignette is flanked by elaborate green lathe-work panels with spiraling geometric rosettes at the corners. The words “FIVE SILVER DOLLARS” appear prominently across the top of the back, a reminder that each certificate was theoretically redeemable for five silver dollars at any Treasury office. The overall color scheme of the reverse is a distinctive blue-green that photographs differently under different lighting conditions, which can make online purchases tricky.
On high-grade examples, look for the fine hairline details within the lathe-work ovals to be sharp and unbroken. On circulated notes, these fine lines are among the first elements to soften, and their condition is a useful proxy for overall wear even when the central vignette looks deceptively fresh.
Where These Notes Come From: Auction Records and Market Sources
The primary market for Series 1891 $5 Silver Certificates runs through the major currency auction houses. Heritage Auctions has offered the broadest selection historically, with Stack’s Bowers Galleries close behind. Lyn Knight Currency Auctions (now merged with Kagin’s) was historically a strong source as well. Price records from 2018 through 2023 show the following approximate ranges by grade for the most common variety (Fr. 265):
- Fine 12 to Fine 15: $400 to $650
- Very Fine 20 to Very Fine 30: $700 to $1,100
- Extremely Fine 40 to Extremely Fine 45: $1,200 to $2,200
- About Uncirculated 50 to 58: $2,500 to $4,500
- Uncirculated 60 to 63: $4,500 to $8,000
- Choice Uncirculated 64 to 65: $10,000 and above
Scarcer varieties including Fr. 267 and Fr. 268 can add 50 to 150 percent to these figures in comparable grades.
| Friedberg No. | Signature Combination | Estimated Survivors (All Grades) | Rarity |
|---|---|---|---|
| Fr. 263 | Rosecrans / Nebeker | 200-350 | Scarce |
| Fr. 264 | Rosecrans / Morgan | 150-250 | Scarce |
| Fr. 265 | Tillman / Morgan | 400-600 | Most Available |
| Fr. 266 | Tillman / Roberts | 200-350 | Scarce |
| Fr. 267 | Bruce / Roberts | 100-175 | Rare |
| Fr. 268 | Lyons / Roberts | 60-110 | Key Date |
Building a Complete Set: Practical Strategies
A complete six-piece set of Series 1891 $5 Silver Certificates in consistent grade is a genuinely impressive and historically coherent collection. Most serious type collectors who include a Jumping Deer $5 stop at a single example, usually Fr. 265, which means a complete six-variety set occupies a real specialty niche with limited competition except at the top grade levels.
The practical approach for most collectors is to start with Fr. 265 in the highest grade their budget allows, then work through Fr. 263 and Fr. 264 as they appear at auction or through dealers, and plan for a longer search window when targeting Fr. 267 and especially Fr. 268. Do not be in a hurry with the key-date Lyons / Roberts example. Better to wait two or three years for a properly graded, attractively presented example than to settle for a problem note just to complete the set.
The Society of Paper Money Collectors (SPMC) and their journal “Paper Money” remain excellent resources for connecting with specialists in large-size Silver Certificates. The SPMC annual convention, typically held in conjunction with the Memphis International Paper Money Show each June, regularly features dealers with strong large-size inventory and is an ideal venue for examining multiple examples side by side before committing to a purchase.
When purchasing ungraded or raw Series 1891 $5 Silver Certificates from dealers or private parties, insist on examining the note under UV light. Chemical cleaning and paper pressing are unfortunately common with large-size notes of this era, and ultraviolet examination will reveal treated surfaces that appear deceptively fresh under normal lighting. If a note in Fine or VF grade looks suspiciously bright white without the expected age toning, UV examination is essential before purchase.
Conclusion: A Note Worth Seeking
The Series 1891 $5 Silver Certificate with the Jumping Deer back is the kind of note that rewards patient, educated collectors. It lacks the immediate name recognition of the 1896 Educational Series or the pop-culture appeal of the Bison Note, but it offers something arguably more satisfying: genuine historical depth, real scarcity in the key varieties, a back design that stops people in their tracks when they see it for the first time, and a market that has not yet fully priced in the note’s relative difficulty compared to more celebrated large-size types.
Whether you are assembling a comprehensive large-size Silver Certificate type set, chasing a complete run of signature varieties, or simply looking for a single stunning Victorian-era note to anchor a display, the Jumping Deer $5 belongs on your want list. Start with a solid Fr. 265 in Very Fine, study what makes a great example, and let the series pull you in from there. It has a way of doing exactly that.
