There are notes in American currency history that collectors tolerate, notes they admire, and then there are notes that inspire genuine passion. The Series 1907 $5 United States Note, universally nicknamed the “Woodchopper” by collectors, falls firmly into that last category. Walk into any major currency show and mention the Woodchopper to a large-size note enthusiast, and you will almost certainly see their eyes light up. It is a note with personality, with muscle, with history, and with enough variety to keep seasoned collectors hunting for decades. This guide breaks down everything you need to know, from the vignette that gave the note its name to the signature combinations that separate a $200 find from a $2,000 treasure.
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The Vignette That Started It All
Large-size United States Notes of the Legal Tender class were issued across numerous designs throughout the nineteenth and early twentieth centuries, but few reverses captured the imagination the way the $5 reverse of this era did. The back of the Series 1907 $5 United States Note features a bold, engraved scene of a pioneer or frontiersman vigorously splitting a log. The figure is rendered in sharp intaglio detail, full of kinetic energy, and it occupies a commanding position on the note’s reverse field. Surrounded by intricate geometric lathe work and the bold numeral “5,” the woodchopper vignette communicates exactly the kind of rugged American industriousness that the Treasury wanted to project during the Progressive Era.
The engraving itself was the work of the Bureau of Engraving and Printing’s skilled die cutters, and it drew on a long tradition of allegoric and frontier imagery in American currency design. The note’s obverse is equally compelling: a portrait of Andrew Jackson occupies the center, flanked by red serial numbers and the prominent red Treasury seal. The words “United States Note” appear across the top, and “This Note Is a Legal Tender” language appears at the bottom, a reminder that these were obligations of the United States government, not redeemable in gold or silver on demand after the legal tender controversies of the Civil War era had been resolved.
When examining a Woodchopper for the first time, flip it over before you look at the front. The reverse vignette quality and the sharpness of the woodchopper’s axe stroke are excellent indicators of the overall strike and plate quality of a given note. Well-struck examples show every wood grain line and the full detail in the figure’s clothing.
Series History and Treasury Seal Varieties
The Woodchopper design spans two distinct series dates: 1907 and 1917. Understanding the differences between them, and the sub-varieties within each, is fundamental to building a meaningful collection of these notes.
The Series 1907 notes were authorized under the Legal Tender framework that stretched back to the Act of March 17, 1862, and its subsequent amendments. By the time these notes were being printed in the first decade of the twentieth century, the $5 United States Note had gone through multiple design iterations. The 1907 series introduced the Woodchopper reverse that would persist through the end of large-size note production. Early Series 1907 printings featured a large red Treasury seal on the obverse. Later issues, particularly as the Bureau refined its printing processes, used a smaller red seal. This seal size difference is a primary variety distinction cataloged by Friedberg numbers and recognized by PCGS, NGC, and PMG grading services.
The Series 1917 notes retained the same Woodchopper reverse but represent a later printing authorization. Collectors sometimes encounter what are called “mule” notes, combinations where the face plate and back plate come from different series or numbering systems. Mule Woodchoppers are particularly desirable and carry significant premium in any grade. A mule note typically has a small back plate number paired with a large front plate number, or vice versa, and identifying them requires careful examination of plate numbers printed in the lower corners of each note.
Signature Combinations: The Collector’s Roadmap
United States Notes of this era were countersigned by the Register of the Treasury and the Treasurer of the United States. Each combination of officials who served simultaneously corresponds to a specific Friedberg number and represents a distinct collectible variety. The full run of Woodchopper signature combinations includes:
- Vernon-Treat (F-91): William S. Vernon as Register and Charles H. Treat as Treasurer. This combination corresponds to approximately 1906 to 1909 service dates. F-91 is one of the more commonly encountered early varieties.
- Vernon-McClung (F-92): Vernon paired with Lee McClung, who served as Treasurer from 1909 to 1912. F-92 notes in fine or better condition are noticeably scarcer than F-91.
- Napier-McClung (F-93): James C. Napier served as Register from 1911 to 1913. This short tenure means fewer notes were signed, and F-93 in VF or above commands strong premiums.
- Napier-Burke (F-94): Napier paired with John Burke, who served as Treasurer from 1913 to 1921, gives this a relatively longer printing window. F-94 is among the more available Series 1907 varieties.
- Teehee-Burke (F-95 and F-96): Houston Teehee served as Register from 1915 to 1919. F-95 uses the large seal and F-96 the small seal configuration. Both are collectible and reasonably available in circulated grades.
- Elliott-Burke (F-97 and F-98): These transition into the Series 1917 territory in terms of printing dates but carry 1907 series designations on some printings. Scarcer in high grades.
- Elliott-White (F-99): Frank White served as Treasurer from 1921 to 1928. F-99 is a key variety among later Woodchopper collectors.
- Speelman-White (F-100 and F-100a): Harley Speelman as Register paired with White. F-100a is considered a significant rarity and is the terminal variety of the Woodchopper run.
If you are building a complete signature set of Woodchoppers, start with F-91, F-94, and F-95 in circulated grades to anchor your collection affordably. Then work outward toward the scarcer Napier-McClung (F-92) and Speelman-White (F-100a) varieties as your budget allows. A complete set in consistent VF grade is a genuinely impressive numismatic achievement.
Why Collectors Love This Note So Much
Beyond the obvious visual appeal of the design, the Woodchopper has developed a cult following for several interconnected reasons. First, it represents the last gasp of truly monumental large-size note artistry. By the time small-size notes replaced large-size currency in 1929, the era of bold vignette engraving was effectively over. The Woodchopper reverse is as fine an example of intaglio engraving as the Bureau ever produced for a circulating note.
Second, the note is genuinely collectible across a wide range of budgets. A heavily circulated F-91 in Good to Very Good condition can be acquired for $60 to $120 at auction, giving beginning collectors an accessible entry point. The same signature combination in PMG Very Fine 30 might run $300 to $500, and a Choice Uncirculated (PMG 64) example could exceed $2,500. Rare varieties like F-100a in any grade above Fine are major numismatic events when they appear at auction, occasionally reaching five figures.
Third, the series has excellent reference material. The Standard Catalog of United States Paper Money and the Friedberg catalog both provide thorough variety listings. Collectors also benefit from the specialized research published through the Society of Paper Money Collectors (SPMC), which has featured Woodchopper attribution studies in its journal, Paper Money.
Condition Considerations for Woodchopper Collectors
Large-size notes of this period are prone to specific condition issues that every collector must understand. Folds are the most obvious, but the Woodchopper also frequently shows edge wear along the borders, particularly at the upper left corner where cashiers often gripped notes during handling. Rust spots from paper clips or staples on the reverse are unfortunately common and significantly reduce value. Look also for ink smears in the serial number fields, which sometimes appear on notes that were stacked before the ink fully dried during printing.
Paper quality matters enormously. Genuine Woodchoppers were printed on distinctive crisp banknote paper with embedded red and blue fiber threads visible under magnification. Faded notes that have been washed or pressed are a persistent problem in the marketplace. A professionally graded note from PMG or PCGS Currency provides the authentication and condition certainty that is worth the encapsulation premium, especially for any note you intend to spend more than $200 acquiring.
Hold a Woodchopper at a 45-degree angle to a strong light source and look across the surface. Genuine intaglio printing from the Bureau of Engraving and Printing produces a slight ink relief you can both see and feel with your fingertip. If the printing feels completely flat, the note may have been pressed or could be a reproduction. This tactile check takes five seconds and is one of the most reliable quick authenticity tests for large-size notes.
Notable Auction Results and Market Trends
Heritage Auctions has been particularly active in bringing high-grade Woodchoppers to the market over the past two decades. A PMG Gem Uncirculated 65 EPQ example of F-91 realized $3,840 at a 2019 Heritage Currency Signature Sale. More dramatically, an F-100a (Speelman-White, small seal) in PMG Very Fine 25 brought $8,625 at a Stack’s Bowers sale, underscoring how dramatically rarity premiums accumulate even in mid-grade condition for the terminal varieties.
The market for circulated Woodchoppers in the VG to Fine range has remained remarkably stable through economic cycles, a sign of consistent collector demand rather than speculative interest. This stability makes the note an appealing long-term collecting target rather than a flip opportunity.
| Friedberg No. | Signature Combination | Seal Type | Rarity |
|---|---|---|---|
| F-91 | Vernon-Treat | Large Red | Common |
| F-92 | Vernon-McClung | Large Red | Scarce |
| F-93 | Napier-McClung | Large Red | Scarce |
| F-94 | Napier-Burke | Large Red | Common |
| F-95 | Teehee-Burke | Large Red | Common |
| F-96 | Teehee-Burke | Small Red | Scarce |
| F-97 | Elliott-Burke | Small Red | Scarce |
| F-99 | Elliott-White | Small Red | Rare |
| F-100 | Speelman-White | Small Red | Rare |
| F-100a | Speelman-White (Mule) | Small Red | Key Date |
Building Your Woodchopper Collection: A Practical Strategy
For newer collectors, a single high-quality example of F-91 or F-94 in VF condition is an excellent starting point. The note is large enough to display impressively and inexpensive enough not to represent a risky first purchase. From there, consider expanding to the mid-difficulty varieties like F-92 and F-93 before tackling the genuine rarities at the top of the Friedberg range.
Advanced collectors often pursue either a complete signature set across all Friedberg numbers or a single-variety set focused entirely on uncirculated or choice AU examples of one signature combination. Both approaches have merit. The complete signature set demonstrates breadth of knowledge and collecting discipline. The high-grade single-variety set showcases what the design looked like when it left the Bureau of Engraving and Printing, before decades of commerce wore it smooth.
Whichever approach you choose, the Woodchopper rewards patience. These notes surface at estate sales, regional shows, and major auction houses with satisfying regularity. The collector community around them is knowledgeable and generous with attribution help. The Society of Paper Money Collectors and the Paper Money Forum online community are both excellent resources for attribution questions and market guidance.
Conclusion
The Series 1907 $5 United States Note Woodchopper is everything a great collecting series should be: historically significant, visually stunning, sufficiently varied to provide a genuine challenge, and accessible enough at the entry level to welcome new collectors without demanding impossible budgets. Its cult following is not the product of hype. It is the natural result of a note that genuinely deserves the admiration it receives. Whether you are drawn in by the raw energy of that engraved pioneer swinging his axe or by the intellectual challenge of completing a full Friedberg signature set, the Woodchopper will reward your time, your study, and your investment in ways that few other series can match.
