Rare “Emperor” Norton I Bonds to be Offered in November 2025 Showcase Auction

Issued by a beloved madman who roamed the streets of San Francisco until his death in 1880, these “bonds” issued by the “Imperial Government of Norton I” are not merely a numismatic reflection of this colorful personality who stands firmly among the ranks of San Francisco’s most noted citizens, but a rare opportunity for collectors.

Both pieces trace their pedigrees back to the 1960s and more recently to the collection of John J. Ford, Jr. (Part XX) which sold in 2007. These notes are set to be offered together in the November 2025 Showcase Auction alongside a number of exceptional rarities that includes some that were last offered in the Ford auctions of the 2000s.

Beyond their numismatic importance, these notes are also quite historic as they represent the two printers favored by Norton from the early 1870s until his death in 1880. The first is by the firm of Cuddy & Hughes with its prominent imprint along the bottom margin. Norton collaborated with Cuddy & Hughes until 1875 and continued issuing those notes through 1877 when his supply was finally exhausted. The second is printed by Murdock & Co. which provided “bonds” to Norton from 1877 until his death and is notably wider than its counterpart produced by Cuddy & Hughes.

The piece produced by Murdock & Co. piece comes unsigned and represents a Remainder that went unsold as Norton signed and issued them as they were sold. Remainders are now generally much more common than their issued counterparts, but the opposite is true for this item. As far as we know, this represents the sole surviving unsigned and unissued “bond,” making this a rare opportunity for Nortonian loyalists or collectors with a connection to San Francisco.

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