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The 1917 $1 Legal Tender Mule note is a fascinating piece of U.S. currency that represents an era of significant transition in American paper money. Legal Tender Notes, also known as United States Notes, had been issued since the Civil War and remained a crucial part of the U.S. monetary system well into the 20th century. The 1917 issue, one of the last large-size $1 Legal Tender Notes before the introduction of small-size notes in 1928, features an iconic design that makes it highly desirable among collectors. The "Mule" designation refers to a printing anomaly in which different design plates were used on the front and back, resulting in mismatched plate numbers. This rare variation adds to the note's numismatic significance, making it an exceptional find in any collection.
The history of Legal Tender Notes dates back to 1862 when the U.S. government introduced paper money to finance the Civil War. Unlike Silver Certificates or Gold Certificates, which were backed by specific reserves of precious metals, Legal Tender Notes were fiat currency, meaning their value was guaranteed by the U.S. government rather than tied to physical commodities. The issuance of these notes continued for decades, with numerous design changes reflecting evolving security features and artistic preferences. The 1917 series was one of the final issues before a major redesign of U.S. paper currency, making it one of the last large-size Legal Tender Notes to circulate.
The obverse of the 1917 $1 Legal Tender Note is widely regarded as one of the most artistic and intricate designs in American paper money history. It prominently features a left-facing portrait of George Washington, based on Gilbert Stuart’s famous painting. Washington’s portrait is encircled by an ornate border, giving the note an elegant and stately appearance. To the right of the portrait, a striking vignette depicts an allegorical representation of Liberty seated, holding a shield and a sword while a cherub presents a scroll inscribed with "The Constitution." This imagery reinforces the nation’s foundational principles and the role of the Constitution in shaping U.S. governance.
The obverse also includes the distinctive red Treasury seal and red serial numbers, a hallmark of Legal Tender Notes. The serial numbers appear twice, flanking Washington’s portrait, while the Treasury seal is positioned to the right. The words “United States Note” are prominently displayed at the top, reinforcing the note’s Legal Tender status. Below Washington’s portrait, the denomination “One Dollar” is printed in an elegant font, ensuring the note’s value is easily identifiable. The signatures of the Treasurer of the United States and the Secretary of the Treasury further authenticate the note, adding to its historical and monetary significance.
The reverse of the 1917 $1 Legal Tender Note features an elaborate geometric design dominated by the words “The United States of America” and “One Dollar” in bold lettering. Unlike the more detailed vignettes found on the obverse, the reverse design focuses on typography and intricate line work to deter counterfeiting. The layout is symmetrical, with decorative elements creating a visually balanced composition. The large numeral "1" appears in each corner, ensuring that the denomination is unmistakable. This design was characteristic of late 19th and early 20th-century U.S. paper currency before more pictorial reverse designs became standard.
The "Mule" designation of this note adds an extra layer of intrigue and rarity. A Mule note results from the use of mismatched printing plates during the production process, leading to different back and front plate numbers that do not conform to the usual sequence. This occurred because of ongoing transitions and updates to printing technology at the Bureau of Engraving and Printing (BEP). Collectors highly prize Mule notes due to their rarity and the insight they provide into the complexities of U.S. currency production during this period.
The 1917 $1 Legal Tender Note was printed at the Bureau of Engraving and Printing in Washington, D.C., which was responsible for producing all U.S. paper money. The production numbers for these notes were substantial, as they were one of the most commonly used denominations in everyday transactions. Despite their wide circulation, many of these notes were heavily used, leading to a high attrition rate. Today, well-preserved examples are significantly scarcer than their original mintage figures suggest, especially in collectible grades.
The condition of this particular 1917 $1 Legal Tender Mule note has been graded as AU50PPQ (About Uncirculated 50 Premium Paper Quality) by PCGS, one of the most reputable third-party currency grading services. A grade of AU50 indicates that the note is in excellent condition, with only minor signs of handling that prevent it from qualifying as fully uncirculated. The "PPQ" designation stands for Premium Paper Quality, meaning the note retains its original paper integrity and has not been pressed, cleaned, or altered in any way.
One of the defining characteristics of an AU50PPQ note is its strong eye appeal. The ink remains bold and vibrant, with no significant fading or smudging. The paper is fresh and retains much of its original crispness, free from any major discoloration or damage. The red Treasury seal and serial numbers stand out sharply against the note’s background, enhancing its visual impact. The intricate details of the obverse vignette and the reverse typography are well-preserved, ensuring that the note remains a stunning example of early 20th-century U.S. currency design.
Collectors highly value AU50PPQ examples of the 1917 $1 Legal Tender Mule note due to their combination of rarity and superior preservation. While circulated examples remain collectible, high-grade specimens command premium prices due to their scarcity and pristine condition. The presence of the Mule designation further enhances the note’s desirability, as it represents an unusual printing variation that adds to its numismatic significance. The PCGS certification and PPQ designation provide further assurance of the note’s authenticity and quality.
The market for large-size Legal Tender Notes remains strong, with collectors drawn to their historical context, artistic design, and limited availability in high grades. The 1917 series, as one of the final issues before the transition to small-size currency in 1928, holds a special place in U.S. numismatic history. An AU50PPQ example represents a well-preserved piece of this legacy, ensuring that it will remain a treasured collectible for years to come.
Beyond its numismatic appeal, the 1917 $1 Legal Tender Mule note serves as a tangible connection to a period when paper money played a vital role in American commerce. It reflects the transition from traditional large-size currency to the modern banknotes used today. The historical significance of these notes extends beyond their collectible value, offering insight into the financial and economic decisions that shaped the nation’s currency system.
Owning a 1917 $1 Legal Tender Mule note in AU50PPQ condition allows collectors to acquire a high-quality example of this historic issue. Whether viewed as an investment, a historical artifact, or a collector’s item, this note remains a prized addition to any collection of U.S. paper money. Its combination of limited high-grade availability, exceptional preservation, and the rarity of the Mule variety ensures that it will continue to be a sought-after piece in numismatic circles for generations to come.