Home/Field Notes/Buying US Bank Note Issues (1870–1893)
Buying guide
Buying US Bank Note Issues (1870–1893)
Three printers, one set of designs. How secret marks and paper establish catalog identity, why misattribution is common, and where that creates opportunity.
The Bank Note issues are the best value in classic US philately and the most commonly misidentified. Three private printing firms held the government contract in succession, and they printed the same designs. A stamp's catalog identity therefore depends on determining which company printed it — a question that cannot be answered by looking at the design, because the design is the constant.
That single fact makes this period unusually rewarding to buy into. Material misdescribed as the common printer's work turns up regularly, and the tools required to check are a loupe and a reference showing where the marks sit.
Reality check
- What you probably have
- A Bank Note stamp attributed to whichever printer the seller assumed, frequently without any attribution reasoning stated at all.
- What would make it different
- A stamp whose printer is confirmed by locating or ruling out the secret mark for that specific denomination, cross-checked against paper type.
- How to confirm
- Examine the designated area of the design under magnification, then assess the paper by thickness, surface, and how it transmits light.
- Where to verify
- Completed sales filtered to the confirmed printer and paper combination, not to the design.
Why the same design has several identities
When the printing contract changed hands, the incoming firm received the original dies and continued producing the same portraits. To distinguish its own output, the second contractor added tiny deliberate modifications to the engraving — the secret marks. These are small alterations to shading, a line thickened here, a mark added there, and their location differs by denomination.
The third contractor to hold the contract also produced from these dies, and later re-engraved several designs, producing yet another distinguishable state. Layered on top of all this are paper changes: hard paper and soft porous paper occur across the period, and paper is frequently the deciding factor where the mark is ambiguous or the stamp is heavily cancelled.
Evidence card
The attribution evidence, in order of use
Special printings, and why they matter for buyers
Alongside the regular issues, special printings were produced during this period for official and exhibition purposes rather than for postal use. They differ in paper, in gum, and in some cases in colour, and they are far scarcer than the regular issues they resemble. They are also, predictably, the state that ordinary stamps get optimistically described as.
The practical rule is straightforward: a special printing attribution is an expertization question, not a listing question. Buy the certificate.
Condition in this period
Bank Note material was produced in far greater quantity than the earlier classics, which means sound examples exist in reasonable numbers and there is no need to accept a damaged one. Condition expectations should therefore be higher here than for the 1850s and 1860s issues.
- Centering — perforation placement in this period was imprecise, so well-centred examples carry a genuine premium, but the standard for "well-centred" is era-relative
- Gum — original gum on mint examples is uncommon and commands a large premium, which is precisely why regumming is common here
- Cancels — used examples dominate supply. A light cancel that leaves the secret mark area readable is worth more than a heavy one for practical as well as aesthetic reasons
- Faults — thins from album removal are the most frequent problem; check against transmitted light before bidding
- Paper toning — soft porous paper is more prone to toning and to surface abrasion than hard paper
Checking a Bank Note stamp before you bid
- Identify the denomination and design, then look up where the secret mark sits for that specific denomination — the location is not the same across the series.
- Examine that area under magnification on the listing image, or ask the seller for a close crop if the image will not resolve it.
- Assess the paper from the back image: thickness, surface, and whether the design shows through.
- Check for a grill on the earliest issues of the period, examined from the back.
- Hold the question open if a cancel obscures the mark area. Do not accept an attribution you cannot check.
- Compare the seller's stated catalog identity against your own conclusion, and treat a mismatch as a reason to ask rather than a reason to walk — misattribution in this period is often honest error.
- Price against completed sales for your conclusion, not for the seller's.
Where the buying opportunity actually is
Two structural features of this market work in an informed buyer's favour.
Misattribution runs in both directions. Because attribution requires magnification and a reference, a substantial share of Bank Note material is listed under whichever printer the seller defaulted to. Occasionally that undervalues a stamp; more often it overvalues one. Being able to check protects you from the second case and occasionally delivers the first.
Paper is under-described. Many listings state a design and a printer and say nothing about paper, even where paper distinguishes catalog identities. Sellers who photograph the back at good resolution effectively provide the evidence without providing the conclusion.
Collecting shapes that work here
The Bank Note period suits collectors who like systematic work with a defined end state.
- By printer — one complete set from each contractor, which turns the whole period into a three-part project and forces the attribution skill
- By paper — the same designs across hard and soft papers, a subtler and cheaper project than it sounds
- One denomination across all states — every printer, paper, and re-engraving of a single portrait, which produces a genuinely instructive display page
- Cancellations — this period has an enormous range of fancy cancels, and cancel collecting here is a substantial field in its own right, largely independent of stamp scarcity
- Postal history — covers showing period rates and services, where the adhesive is one element among several
The cancel route deserves particular mention because it inverts the usual economics. Common stamps carrying distinctive or well-struck fancy cancels are collected for the cancel, which means an ordinary example of a common denomination can be the object of interest. It is one of the few areas in classic US philately with a genuinely low entry cost and a high ceiling of interest.
Before you bid
Establish the printer yourself, or accept that you are buying an unattributed stamp and pay accordingly. Confirm the paper. Check the back for thins. Require a certificate for special printings and for anything where the price depends on a scarce printer-and-paper combination. Then price against completed sales for that exact identity — because in this period more than most, the design tells you almost nothing about what the stamp is worth.
Common questions
What is a secret mark on a US Bank Note stamp?
It is a small deliberate alteration to the engraved die, added by one of the printing contractors so its output could be distinguished from that of its predecessor on the same designs. The mark's location differs by denomination, so identifying it requires magnification and a reference showing where to look for that specific value.
How do I tell hard paper from soft paper?
By thickness, surface texture, and how the sheet transmits light — soft porous paper is generally more absorbent, shows the design through more readily, and is more prone to toning and surface abrasion. Paper is best judged by direct comparison against a known example of the same issue rather than assessed in isolation.
Why do sellers get Bank Note attributions wrong?
Because attribution requires magnification and a denomination-specific reference, and the designs are identical across printers. Many listings state whichever printer the seller assumed. This runs in both directions — sometimes undervaluing a stamp, more often overvaluing one — which is why checking the mark yourself is the core skill for this period.
Can I attribute a heavily cancelled Bank Note stamp?
Often not from the face. A cancel across the secret mark area makes that evidence unavailable, and paper then becomes the primary basis for attribution. A confident printer attribution on a heavily cancelled example should be treated as an assumption unless the paper evidence supports it independently.
Are Bank Note special printings worth buying?
They are considerably scarcer than the regular issues they resemble, differing in paper, gum, and in some cases colour — which is exactly why ordinary stamps get optimistically described as special printings. Treat a special printing attribution as an expertization question rather than a listing question, and buy only with a current certificate.