The 1907 $5 bill featuring Andrew Jackson holds a significant place in American history. This legal tender note, also known as a United States note, has a captivating story that goes far beyond its monetary value. Let’s dive into the details and discover why this particular bill is so special.
A Historical Journey
First introduced in the early 1860s, the Series of 1907 $5 legal tender note shares a striking resemblance with its predecessor, the 1869 version. The only noticeable difference is the slightly blue paper used for the 1869 series. Despite its name, the series of 1907 bill was printed as late as 1927 and 1928. The signature combinations of the treasury officials on the note can help determine its range of printing years.
The Wood Chopper
One of the most popular nicknames for the 1907 $5 bill is the wood chopper. The left side of the note proudly displays the portrait of Andrew Jackson. But what truly captures the imagination is the central image of a pioneer family embarking on a westward journey. The husband and wife, along with their young baby, are depicted alongside a loyal hound dog. Notably, the man in the picture is seen holding an ax, giving rise to the famous wood chopper nickname.
Apart from its unique design, the 1907 $5 bill exhibits several distinctive characteristics. The bill features a red overprint, including a red treasury seal and serial numbers. A red V is also printed on the left-hand side, representing the value as a Roman numeral. However, collectors should be aware that various errors can be found on these notes, such as missing seals, inverted prints, and the well-known PCBLIC error, which only commands a modest premium among collectors.
Values and Grading
While the 1907 $5 bill is relatively common, its value can vary depending on its condition and grade. In its lightly circulated state, this bill typically sells for around $100. As the quality improves, prices can reach as high as $1,000. Since tens of millions of these notes were issued, there are still uncirculated and consecutive notes available, including cut sheets of four notes with sequential serial numbers.
Choice Uncirculated or Better
For those seeking perfection, the choice and gem uncirculated 1907 $5 legal tender notes are highly sought after. Graded in the 64-65 range, these notes command several hundred dollars. A discount applies to those graded as 63, while a premium is associated with bills graded 66 and above. Collectors often prioritize well-centered notes.
Extremely Fine to About Uncirculated
The price difference between extra fine 40 and about uncirculated 58 is minimal. These notes, encapsulated by third-party grading companies, exhibit similar eye appeal. For example, a note graded at 40 may sell for around $300, while a note graded at 58 could fetch approximately $450.
Fine to Very Fine
1907 $5 bills in the fine to very fine range can still be quite attractive. The dark engraving on the front of these bills helps hide wear and tear. Prices for fine condition notes can start as low as $75, while a nice very fine note may cost closer to $200. Although prices have decreased from their peak a few years ago, these bills remain a collectible item.
Very Good and Lower
Unfortunately, many 1907 $5 bills are found in poor condition. Notes graded 1, 2, 4, 6, 8, or 10, on a scale of 70, exhibit various undesirable qualities such as discoloration, tears, stains, rust, pinholes, and writing. Consequently, the value of wood choppers in such poor condition is typically around $50 or even less due to limited demand.
Discover the Worth of Your Wood Chopper
Do you own a 1907 $5 bill and wish to know its value or receive an offer? We at Antique Money would be delighted to evaluate your note. Simply send us scans or digital photos of both the front and back, and we will promptly provide you with a free appraisal and our best offer. Reach out to us at [email protected].
Now that you have delved into the history and significance of the 1907 $5 Andrew Jackson Wood Chopper, you can appreciate the true value and allure of this iconic bill.