Stack’s Bowers Galleries to Offer Rarely Seen Series of 1918 $50 Federal Reserve Bank Note

The $50 Federal Reserve Bank Notes issued under the Series of 1918 account for an unusual sight. Just 4,000 were printed and these notes should not have survived the redemption process, but several dozen did, largely thanks to the efforts of a Texas-based collector during the 1920s. We are pleased to offer one of these notes as lot 7129 in Session 7 of our November 2025 Showcase Auction.

Following the same basic design as the Federal Reserve Notes issued under the Series of 1914, with the portrait of President Ulysses S. Grant at left opposite a title block at center for the issuing Federal Reserve Bank, in an arrangement similar to the National Bank Notes of the period. On the back, the vignette entitled Panama is flanked by a merchant ship (left) and a dreadnaught-type battleship (right) dominating images that are bound to be appreciated by bidders.

This note is the finest of this Friedberg number graded by PCGS Banknote (Choice Uncirculated 63), adding to its desirability and emphasizing its eye appeal. It was perhaps this eye appeal and preservation that prompted its being saved over a century ago when few collectors paid such attention to comparable rarities.

This note, along with the entire November 2025 Showcase Auction is available for viewing and pre-sale bidding at StacksBowers.com. This lot carries an estimate of $40,000 to $60,000.

For more information about our auctions or to consign your numismatic items, please call 800-458-4646 or email [email protected].