Fr 747-780 Battleship Note

Teddy Roosevelt was not only an Army cavalry hero, leading the charge up San Juan Hill in the Spanish American War, but also a visionary naval historian, whose legacy includes one of the most descriptive of “collector” notes, the Fr. 747-780 Battleship Note, which bears a large U.S. war ship on its back.

Specifications

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Background
To understand this note and how it comes to have its steaming dreadnought image, one must understand the times when it was issued.

Even as a boy, young Teddy Roosevelt was fascinated by the sea. His uncle had been a Confederate Admiral. In his early twenties, T.R. wrote a serious historical volume on “The Naval War of 1812,” which was a standard for many years and continues to be studied even today. At the behest of his friend, Congressman Henry Cabot Lodge, President William McKinley tapped the rising public servant T.R. Roosevelt to be Assistant Secretary of the Navy in 1897, in which post he flourished if but briefly.

At the Navy Department, Roosevelt was an advocate of modernization, and he took the lead in preparing our sea forces for what he viewed as an inevitable clash with Spain. With the outbreak of hostilities following the explosion of the Battleship Maine in Cuban waters, he resigned his civilian post and organized a volunteer cavalry regiment, the famous Rough Riders.

Returning home from the Spanish-American war as a hero, T.R. became governor of New York, Vice President, and then in 1901 President of the United States with the assassination of McKinley. As President, Roosevelt greatly increased naval tonnage, including commissioning of a new battleship Maine Dec. 29, 1902. Other battleships followed in rapid succession: the Missouri in 1903; the Ohio in 1904; the Connecticut, Louisiana, New Jersey, Rhode Island, Virginia, and Georgia in 1906; the Kansas, Minnesota, Vermont and Nebraska in 1907.

Roosevelt’s “Great White Fleet” sailed around the globe for 14 months in 1907-1909 as a statement of America’s growing sea power. This demonstrated T.R.’s foreign policy of speaking softly “but wielding a big stick.” Included in the armada were four battleship squadrons and escort vessels painted white to impress all the nations of the world with America’s new importance and strength in global affairs.

Roosevelt especially wanted to project this power in the Pacific Theater, where the empire of Japan was a growing competitor. One of the final acts of his administration was to welcome the fleet home from its triumphal tour at Hampton Roads, VA on Feb. 22, 1909, timed to coincide with Washington’s Birthday.

Roosevelt was also a proponent of building the Panama Canal, not only for its commercial importance to our nation, but as a strategic artery to implement his two ocean navy to guard American interests in the Pacific as well as the Atlantic.

Other battle wagons followed. On Sept. 11, 1911, the keel was laid down for the USS New York (BB 34), which is engraved on the backs of large size $2 Federal Reserve Bank Notes, like the Fr. 750 shown here. On Oct. 30, 1912, the New York was launched. The ship was first commissioned on Apr. 15, 1914.

When conflict broke out only 15 weeks later in Europe signaling the beginning of World War I, the allies were glad for the projection of forward strength represented by American naval power, which could keep open sea lanes for movement of troops and the resupply of Western Europe.

The U.S. entered the conflict directly in 1917, and an Armistice ended hostilities on Nov. 11, 1918. In the interim, Congress had created the Federal Reserve System as its fiscal agent. Although privately owned by member banks, Federal Reserve Banks were authorized to issue paper money under provisions of the Federal Reserve Act of Dec. 23, 1913. Obligations on these notes are similar to those on National Bank Notes.

Background
In fact, these notes bear the title “National Currency” on their face. They were obligations of the individual banks of issue in contrast to Federal Reserve Notes, which are obligations of the system as a whole although issued regionally. FRBNs were issued in small denominations, $1, $2, $5, $10, $20 and $50. Two issues were circulated, Series 1915 and Series 1918. All bear portraits of Presidents on face and patriotic demonstrations of American commerce, industry, history on back.

This is especially true of the $2 note, the famous “Battleship Note.” Its face has Charles Burt’s engraving of Thomas Jefferson, while its back deploys C.M. Chalmers engraving of the battleship New York steaming left to right (west to east). It is said this served a propaganda purpose of warning European despots that America was ready to return and defend freedom in Europe if it were jeopardized again.

Collecting
Deuces were issued by all 12 Federal Reserve Banks as Series 1918 notes with either Teehee-Burke or Elliott-Burke signature combinations as Register and Treasurer respectively. Notes also bear printed signatures of the particular cashier and governor of the Federal Reserve Bank that issued a particular note. Total $2 notes of all varieties issued were 67.6 million. All have blue Treasury Seals and serial numbers.

Prices range generally from about $300 for well circulated notes to about $1500-$2000 for Crisp Unc. examples. Exceptional quality notes have brought $6,000-$7,000 at auction. It is believed that fewer than 70 Star (replacement) notes are extant. All varieties of Star notes are rare to unique and quite valuable. In 2006, the second reported example of Fr. 776, the $2 Dallas Series 1918 FRBN, graded Gem New, sold for $56,350 at auction.

Theodore Roosevelt’s foresight of great naval strength and fleets for both the Atlantic and Pacific Oceans grew in importance during World War II, where American sea might contributed to crushing Axis powers in both Europe and the Orient. On Aug. 29, 1946, the USS New York (BB 34) shown so proudly on the back of the “Battleship Note” was decommissioned. On July 8, 1948, the New York was deliberately sunk as a target of naval barrage of ships and planes on maneuvers.

Its patriotic image was resurrected from its watery grave on July 20, 1988, when the Bureau of Engraving and Printing issued a souvenir card for the American Numismatic Association convention featuring the Series 1918 $2 Federal Reserve Bank Note battleship design.

Theodore Roosevelt’s naval legacy continues down to the present day. In addition to the wonderful “Battleship Notes” in collectors’ hands, the aircraft carrier USS Theodore Roosevelt is the flag ship of a battle group in our Atlantic Fleet.