Blogs

What is a Replacement Plate and how to Spot One?

Within the realm of collecting National Bank Notes, geographical considerations are often the preferred route of many collectors when building a collection. However, as with any hobby or area of interest, there are seemingly obscure niches that appeal to enterprising collectors. One such niche relating to National Bank Notes is that of Replacement Plates. Often overlooked by dealers, collectors, and even PMG, the term “Reentered Plate” is arguably more apt in the context of this discussion. 

A Reentered Plate is distinguished by a small star adjacent to a plate position indicator. They are exclusive to the Series of 1875 and Series of 1882 National Bank Notes and were discontinued around 1896.

A Reentered Plate results from a worn plate having its design elements “reentered” (re-rolled from the master rolls) to mitigate the ravages of wear and repeated use, in an effort to prolong the active service life and cut costs. It also provided an opportunity to replace the earlier imprints of private bank note companies with that of the Bureau of Engraving & Printing, a practice that began in earnest during the late 1880s; earlier examples retained their original imprints.

A 2022 article written by Peter Huntoon and Doug Walcutt, Starred Plate Letters on Reentered Series of 1875 and 1882 National Bank Notes, goes into significant depth on the subject and specifically highlights why cutting costs was desired. They specifically highlight correspondence between the Bureau of Engraving & Printing and the Comptroller of the Currency from 1877 which states that National Banks were charged $100 for completely replacing old plates whereas having the plate reentered cost only $25 in comparison.

Even so National Bank Notes printed from Reentered Plates are fairly scarce at auction. Stack’s Bowers Galleries has sold only three identified examples going back to Spring 2022, although others no doubt slipped by without scrutiny in years past.

A recent consignment from Massachusetts provided a Series of 1875 $10 National Bank Note issued by the Merchants National Bank of Boston (Charter# 475) which is unique as a Reentered Plate for the issuing bank when held against notes with known images. It will be available for bidding in March 2025.

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

Join our mailing list

Don't miss an auction!

Subscribe to our newsletter.

 

Contact Us

West Coast Office • (800) 458-4646

Midwest Office • (800) 817-2646

East Coast Office • (800) 566-2580

[email protected]
 

Hong Kong, China Office • +852 2117 1191

[email protected]
 

Copenhagen, Denmark • +45 80 40 49 42

[email protected]

Global locations

Additional representatives
available worldwide.

Follow Us




Subscribe to
Our Newsletter

We are sorry, an unexpected error occurred!
Please enter a valid email address

I'm Interested In...

Thank You!

Thank you for subscribing to the Stack's Bowers Galleries e-newsletter.