Introduction: A Two-Dollar Bill Worth a Second Look
Walk into any serious currency auction today and the Series 1875 $2 United States Note commands immediate attention. The face presents a sober engraving of William Windom, the Minnesota congressman and Treasury Secretary whose likeness graced this denomination during one of the most artistically ambitious periods in American banknote history. Flip the note and the reason for the nickname becomes instantly obvious: a rich, multicolored back printed in shades of green, red, and black earns these notes the affectionate collector designation “Rainbow Notes.” Issued under the authority of the Legal Tender Acts, these $2 United States Notes (also called Legal Tender Notes or “Red Seal” notes for their vivid Treasury seal) were a direct continuation of the Series 1869 design lineage, but the 1875 series introduced a constellation of new signature combinations that give today’s collectors a fascinating specialist niche to pursue.
Who Was William Windom?
Before diving into paper, ink, and serial numbers, it is worth understanding why William Windom appears on this note at all. Born in Belmont County, Ohio, in 1827, Windom moved to Minnesota and built a distinguished political career, serving in the U.S. House of Representatives and twice as a U.S. Senator. He served as Secretary of the Treasury under President James Garfield beginning in 1881, and then again under President Benjamin Harrison from 1889 until his death in 1891. However, his appearance on the $2 note predates his Treasury appointment: the portrait was placed on the note during an era when engravers and Treasury officials selected prominent national figures, and Windom’s reputation as a fiscally serious legislator made him an appealing choice. His vignette was engraved by Charles Burt, one of the BEP’s most accomplished portrait engravers of the period, and the likeness is considered among Burt’s finer works.
The Rainbow Back: Design and Printing
The reverse of the Series 1875 $2 note is what separates it visually from nearly every other United States currency issue of its era. The Bureau of Engraving and Printing applied multiple ink colors to the back in overlapping passes, creating a design that features the large numeral “2” surrounded by ornate geometric lathe work, all rendered in a combination of red, green, and black inks. The effect under good lighting is genuinely luminous, and well-preserved examples in grades of Very Fine or better glow with a color vibrancy that photographic reproductions struggle to capture accurately.
This multicolor printing approach was technically demanding and expensive. It required precise registration across multiple press runs, which means that misregistered specimens, while not technically errors in the modern sense, do occasionally appear and add a layer of variety collecting for specialists. The face of the note carries a red Treasury seal and red serial numbers, both printed over the underlying black engraving, contributing to the overall chromatic richness that defines the Rainbow Note designation.
When examining a Series 1875 $2 note under ultraviolet light, the red overprint elements fluoresce differently than the base engraving. This can help you confirm the note has not been cleaned or had its colors artificially enhanced, a relatively common problem with nineteenth-century notes offered in lower-tier auctions.
Friedberg Numbers and the Signature Combinations
The Friedberg catalog, the essential reference compiled by Arthur and Ira Friedberg in “Paper Money of the United States,” assigns catalog numbers Fr. 51 through Fr. 56 to the Series 1875 $2 United States Note varieties. Each Friedberg number corresponds to a specific combination of Register of the Treasury and Treasurer of the United States signatures, the two officials whose facsimile signatures appeared on all Federal currency of this period. Understanding these combinations is the gateway to serious collecting of this series.
Fr. 51: Allison and New
Friedberg 51 pairs John Allison (Register) with Francis Elias Spinner (wait, correcting: New is the Treasurer here). Specifically, Fr. 51 carries the signatures of John Allison as Register and John C. New as Treasurer. New served as Treasurer from June 1875 to July 1876, making this a relatively short signature window. These notes are among the more available 1875 $2 signatures in circulated grades, though finding them in Very Fine or above requires patience. Catalog values in Fine-12 run approximately $300 to $450, while Choice Uncirculated examples have realized $2,500 or more at major auctions.
Fr. 52: Allison and Wyman
John Allison continued as Register while Walter Q. Gresham served briefly as Treasurer and was quickly succeeded by Henry F. Wyman. Fr. 52 pairs Allison with Wyman, whose tenure ran from July 1876 to June 1877. This is another short window, and Fr. 52 notes are somewhat scarcer than Fr. 51 in high grades. The Wyman signature is considered slightly more difficult to locate, and specimens with bold color and no folds command strong premiums.
Fr. 53: Allison and Gilfillan
James Gilfillan served as Treasurer from 1877 to 1883, giving the Allison-Gilfillan pairing (Fr. 53) a longer production window than the previous two varieties. As a result, Fr. 53 is the most frequently encountered signature combination in the series. In circulated grades, prices are accessible for newer collectors, often falling in the $175 to $325 range for Fine examples. Uncirculated specimens with original paper surfaces and vivid color remain legitimately desirable.
Fr. 53 (Allison-Gilfillan) is the ideal entry point for collectors new to the Series 1875 $2 note. Its relative availability in Fine to Very Fine grades means you can acquire an attractive, genuine Rainbow Note without the four-figure investment required for the scarcer signature pairs. Use it to study paper quality and color standards before upgrading to rarer varieties.
Fr. 54: Scofield and Gilfillan
Lucius E. Scofield succeeded Allison as Register in 1878, and his pairing with Gilfillan (Fr. 54) represents a meaningful transition within the series. Fr. 54 notes were printed in smaller quantities than Fr. 53, and the Scofield signature is noticeably less common in the marketplace. Expect to pay a 30 to 50 percent premium over Fr. 53 for comparable grades.
Fr. 55: Scofield and Gilfillan (Second Obligation)
This is where the series becomes genuinely technical. Fr. 55 differs from Fr. 54 not in signatures but in the wording of the obligation printed on the face of the note. The Series 1875 $2 notes transitioned from one legal obligation statement to a revised version as Congressional legislation refined the standing of United States Notes. Fr. 55 carries the revised obligation wording with the Scofield-Gilfillan signature pair. These are considerably scarcer than Fr. 54 and represent a true specialist pursuit. In the Friedberg catalog, Fr. 55 is rated as rare, and auction appearances are infrequent.
Fr. 56: Bruce and Gilfillan
The final signature variety in the Series 1875 $2 sequence pairs Register Blanche Kelso Bruce with Treasurer Gilfillan. Bruce, a Mississippi politician who became the first African American to serve a full term in the United States Senate, holds a unique historical distinction as the first Black American whose signature appeared on United States currency. His name on Fr. 56 notes adds historical significance well beyond numismatics, and this combination attracts collectors from African American history, political history, and currency specialization simultaneously. Print runs for the Bruce-Gilfillan $2 note were limited, and the note is rated scarce to rare in high grades. Fine examples regularly bring $500 to $800, and Choice Uncirculated specimens can exceed $5,000 at auction.
Fr. 56 (Bruce-Gilfillan) notes are frequently targeted by collectors outside traditional numismatics due to Blanche Kelso Bruce’s historical significance. This crossover demand keeps prices firm even in lower circulated grades. If your focus is purely on the numismatic value rather than the historical angle, Fr. 56 in Fine condition may actually offer better long-term appreciation potential than some rarer but less historically notable signature pairs, simply because the demand base is broader.
Serial Number Ranges and Dating the Notes
Precise serial number ranges for the Series 1875 $2 notes are incompletely documented compared to twentieth-century issues, but researchers working from BEP records and census data have established approximate boundaries. Serial numbers on these notes are printed in red ink and typically run from lower ranges corresponding to the New and Wyman tenure signatures up through higher numbers associated with the Gilfillan-era pairings. Notes with serial numbers below approximately 1,000,000 are generally associated with the earlier signature combinations (Fr. 51 and Fr. 52), while numbers climbing into the multi-million range correspond to the longer Gilfillan production window. Collectors should treat any specific cutoff with caution, as deliveries overlapped and BEP record-keeping of this era was imprecise by modern standards.
Star notes, or replacement notes, in the modern sense did not exist for this series. Damaged notes during printing were replaced by notes with a check letter system rather than a star prefix, so collectors should not expect to find star note varieties for the 1875 $2 issue.
Grading Considerations Specific to Rainbow Notes
Grading nineteenth-century Legal Tender Notes requires attention to factors that are less critical on modern issues. The multicolor printing of the rainbow back makes color vibrancy a primary quality indicator alongside the standard grading criteria of folds, edge wear, and paper integrity. A note that grades Very Fine-25 by fold count alone but has faded or washed-out back colors will trade at a significant discount to a note of the same technical grade with full, original color. Major grading services including PCGS Currency and PMG do consider color in their assessments, but their numeric grades do not always fully capture the color premium, so developing your own eye for original color is essential.
Margins are also critical. The Series 1875 $2 notes were sheet-cut at the BEP, and notes with four even margins showing clear design separation are substantially more desirable than those with one or more margins trimmed close to or into the design. Poor cuts were common in nineteenth-century production, and a note with full margins commands a meaningful premium in any grade.
| Friedberg No. | Signatures (Register / Treasurer) | Est. Known / Surviving | Rarity |
|---|---|---|---|
| Fr. 51 | Allison / New | Moderate survivors, several hundred estimated | Scarce |
| Fr. 52 | Allison / Wyman | Fewer survivors than Fr. 51; short tenure window | Scarce |
| Fr. 53 | Allison / Gilfillan | Most common variety; longest production window | Common |
| Fr. 54 | Scofield / Gilfillan | Significantly fewer than Fr. 53 | Scarce |
| Fr. 55 | Scofield / Gilfillan (revised obligation) | Very few documented examples; rarely appears at auction | Rare |
| Fr. 56 | Bruce / Gilfillan | Limited print run; strong cross-collector demand | Key Date |
Where to Buy and What to Pay
The Series 1875 $2 note appears regularly at major currency auctions hosted by Heritage Auctions, Stack’s Bowers, and Lyn Knight Currency Auctions. For collectors on tighter budgets, VF examples of the Fr. 53 (Allison-Gilfillan) variety are regularly available on eBay and through currency dealer inventories at retail prices generally between $200 and $400, making them an accessible entry into large-size Legal Tender collecting. The Friedberg “Paper Money of the United States” guide (now in its 23rd edition) is the essential price reference, but actual auction results for certified examples should always serve as the primary price guide since catalog values lag the market in both directions.
For the scarcer varieties (Fr. 55 and Fr. 56 in particular), patience is the collector’s most valuable tool. Setting up want lists with major dealers and monitoring Heritage and Stack’s Bowers auction archives for recent sale prices of comparable examples will give you realistic price expectations before you bid. Third-party certification from PMG or PCGS Currency is essentially mandatory for any note above Fine condition when purchasing sight-unseen online or by phone.
When building a complete set of Series 1875 $2 signature varieties, consider collecting Fr. 51 through Fr. 54 first in a consistent grade range before pursuing the considerably more expensive Fr. 55 and Fr. 56. A matched set displayed together in a custom currency album or framed exhibit creates a compelling numismatic and historical narrative, and the visual uniformity of consistent grades adds to the presentation quality at shows or for appraisal purposes.
Conclusion: A Series Worth the Hunt
The Series 1875 $2 United States Note occupies a sweet spot in large-size currency collecting: visually spectacular, historically layered, and populated with enough signature varieties to sustain a focused collection that tells a coherent story about American finance and politics in the Reconstruction era. The Rainbow Note back alone would make these notes collectible; add the Windom portrait, the historical weight of the Bruce-Gilfillan signature, and the puzzle of locating the elusive Fr. 55 revised obligation variety, and you have a series that rewards both casual appreciation and deep specialist research. Whether you are framing a single Fine-grade Fr. 53 as your first nineteenth-century note or hunting the final piece of a complete signature set, the 1875 $2 Legal Tender Note delivers genuine numismatic satisfaction at every level of engagement.
