Rare 1902 Bank Notes Fetch Thousands at Recent Summer Auctions Highlighting Turn-of-the-Century History

Only two years into the turn of the twentieth century, the world had undergone a profound transformation. The sinuous, organic lines of Art Nouveau defined the visual arts, while groundbreaking scientific and technological innovations were being discovered and deployed throughout the world. In the United States, the nation was adjusting to the presidency of Theodore Roosevelt, who had unexpectedly assumed the nation’s highest office following the tragic assassination of his predecessor, William McKinley. Across the Atlantic, the British Empire was marking a single year into the newly minted Edwardian era, following the poignant end of an era defined by the long reign and subsequent death of Queen Victoria.

It was an era of industrial expansion, shifting geopolitical boundaries, and rapid modernization. More than a century later, 1902 has also proved to be a remarkably precious time for bank note collectors and numismatic historians alike. At the Stack’s Bowers Summer 2026 Global Showcase Auction, which took place from August 31 through September 5, a deeply historic, chartered 1902 Canadian $5 note from the esteemed Gentleman’s Collection of Canadian Banknotes captured the attention of serious bidders. Backed by its exceptional physical quality and profound historical significance, the note ultimately earned a winning bid of $5,368, demonstrating the enduring market demand for elite paper currency with rich provenance.

The specific piece, graded PMG Fine Choice 15, originates from The Metropolitan Bank in Toronto. It was originally manufactured and issued during the very first year of the institution’s operational history in 1902. The Metropolitan Bank would go on to conduct steady business in the Canadian financial sector for over twelve years before eventually being absorbed through a corporate merger with the Bank of Nova Scotia in 1914. According to insights provided by Stack’s Bowers Galleries, surviving notes issued by this specific regional bank are exceptionally rare, meaning that public auctions present very few opportunities for dedicated collectors of Canadian chartered bank notes to acquire such a desirable and well-preserved example.

Furthermore, despite the signature appearing on the left side of the note’s face belonging to the bank’s president and founder, S.J. Moore—which was a relatively common feature across these specific historical issues, as clearly seen in surviving photographic records—there are currently fewer than a dozen such notes known to be owned in private hands. This scarcity significantly drives up the competitive interest among high-end numismatists whenever an authenticated specimen manages to resurface in the open market, transforming a simple piece of historical currency into a coveted collectible asset.

While Canadian chartered issues commanded attention in early September, American numismatic sales proved that 1902 was equally significant south of the border. Although it was not physically printed during that precise calendar year, the market performance of a Series of 1902 plain back bank note demonstrated that the era remained a lucrative focal point for collectors trading at GreatCollections. Sourced directly from the Sparta Collection of Wisconsin National Bank Notes, a Friedberg 698 $100 large-size note originating from Ashland, Wisconsin, successfully crossed the auction block on August 30, realizing an impressive price of $4,839.75.

This remarkable sale of a note graded Choice About New 58—exhibiting only minimal handling over more than a century of existence—is a notable rarity within the broader hobby. The note originates from one of only four financial institutions operating within the bustling Lake Superior shipping town that were authorized to issue National Currency. Furthermore, high-denomination currency such as the $100 note was generally ordered in significantly lower quantities by regional banks compared to smaller denominations like $1, $2, $5, or $10 bills, which saw much heavier daily circulation among everyday citizens. According to specialized commentary from GreatCollections, this particular specimen stands as perhaps the finest surviving example known to exist from the town of Ashland.

A closer examination of the historic American note reveals a wealth of detailed iconography characteristic of early twentieth-century U.S. currency production. The face of the note prominently displays striking blue charter numbers alongside a distinguished portrait of John J. Knox, who formerly served as the Comptroller of the Currency and was notably the primary drafter of the pivotal Coinage Act of 1873. Additionally, the note features authentic hand-signed signatures inked by the local bank’s president and cashier, bridging the gap between centralized federal design and hyper-local financial administration.

Adding another layer of numismatic intrigue, the note also bears the engraved signatures of Judson W. Lyons, who served as the Register of the Treasury, and Ellis H. Roberts, who held the position of Treasurer of the United States. Both federal officials had actually left their respective offices a full decade prior to the official series timeline, a historical detail highlighted in the GreatCollections catalog description. The auction house notes that this inclusion serves to date the underlying printing plate rather than the actual moment of the note’s printing, illustrating that a select few regional banks were still utilizing such late-era plates long after the initial engraving styles had been introduced. On the reverse side, the note showcases a powerful allegorical design centered around a majestic American eagle flanked on either side by classical allegorical figures, a classic motif intended to project national strength, stability, and financial security during the height of the industrial age.