Among the most cherished pieces of American currency history, the 1899 ‘Black Eagle’ $1 Silver Certificate stands apart. Revered by collectors and historians alike, it is the only U.S. paper bill to feature two presidents — Abraham Lincoln and Ulysses S. Grant — on the same note, accompanied by a soaring eagle that inspired its enduring nickname.
From its symbolic imagery to its storied past, this note’s legacy has transformed it from currency into national treasure.
The Birth of the Black Eagle Note
The Black Eagle Silver Certificate was introduced in 1899, replacing the earlier 1891 series. Part of the broader effort to modernize U.S. currency design, the note featured intricate engravings, symbolic iconography, and high-quality intaglio printing by the Bureau of Engraving and Printing (BEP).
- Designer: The main vignette was engraved by G.F.C. Smillie, one of the most celebrated engravers of his era.
- Size: As a “large-size note,” it measures 7.375 x 3.125 inches, far larger than today’s bills.
The bold eagle perched atop the American flag between portraits of Lincoln and Grant quickly captured public admiration, lending it the name **”Black Eagle Note.”
Why It Became Iconic
1. Dual-Presidential Portrait
No other piece of U.S. currency features two presidents on one side of a bill. Lincoln and Grant represent two pivotal moments in U.S. history — the Civil War and Reconstruction.
2. Striking Artistic Quality
Smillie’s detailed engraving of the eagle soaring with wings spread, flanked by ornate flourishes and historically accurate portraits, makes it a masterpiece of numismatic design.
3. Era of American Transition
The Black Eagle note was in circulation during monumental periods, including Theodore Roosevelt’s reforms, World War I, and the pre-Great Depression economy. It was both a witness to and participant in national change.
4. Long Circulation Lifespan
Although first issued in 1899, the Black Eagle note continued to circulate well into the 1920s, making it one of the longest-used large-size notes.
Series and Varieties
While the face design remained consistent, the Black Eagle certificate went through multiple signature combinations over the years. These combinations, representing different Treasury officials, help determine rarity and value today.
| Signature Combination | Series Year | Estimated Value (Fine) | Estimated Value (Uncirculated) |
|---|---|---|---|
| Napier – McClung | 1899 | $150 | $2,500 |
| Vernon – Treat | 1899 | $125 | $1,800 |
| Speelman – White | 1899 | $100 | $1,600 |
| Teehee – Burke | 1899 | $110 | $1,700 |
Note: Values vary based on condition, rarity, and demand.
Collector Appeal in 2025
Today, the Black Eagle remains one of the most sought-after introductory notes for new collectors and a centerpiece for experienced ones. It offers:
- Accessibility: Available in worn conditions for under $200.
- Value Growth: High-grade notes have seen consistent value increases.
- Display Worthiness: Its artistic elegance makes it a visual trophy.
Counterfeits and Authentication
Because of its popularity and value, the Black Eagle is often targeted by counterfeiters. Buyers should:
- Seek PMG or PCGS-graded examples.
- Verify engraving depth and paper quality.
- Check for correct serial fonts and seal color.
The 1899 Black Eagle $1 Silver Certificate is more than just old money — it is a symbol of American legacy, artistry, and patriotism.
Its unique imagery, historical timing, and enduring collector appeal ensure that it will remain an icon in U.S. currency history for generations to come.
FAQs
1. What makes the Black Eagle $1 bill so valuable?
Its dual-president design, historical era, and artistry make it both rare and iconic among collectors.
2. How can I tell if my 1899 Black Eagle bill is real?
Look for intaglio engraving, correct paper texture, and have it certified by a reputable grading company like PMG.
3. Are Black Eagle notes still legal tender?
Technically, yes, but their collector value far exceeds their face value, so no one would use them for spending.