The Professional Coin Grading Service (PCGS) has recently graded an exceptional and rare 1862 $1 note from the Bank of Germantown, Philadelphia. This pristine specimen, which showcases remarkable surface quality, is the first of its kind to be submitted to PCGS Banknote for evaluation.
PCGS President Stephanie Sabin expressed her enthusiasm about the rare note’s arrival. “It’s always a thrill when a note like this enters our grading process,” Sabin remarked. “Beyond its rarity and impressive grade, what really draws attention is its striking artwork.” She went on to describe the note’s dramatic design: “The central image features four men in a small boat facing off against a polar bear emerging from the water.”
Logan Mifflin, a numismatic historian and the collector who submitted the note to PCGS, provided additional context about its design. “Interpreting the artistic inspirations behind obsolete banknotes can often be challenging,” Mifflin explained. “In this case, the design of the Bank of Germantown’s $1 note was influenced by the heroism of Arctic explorers—both those from the past, as well as those yet to come.”
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Mifflin further elaborated on the note’s visual appeal, highlighting its iconic central vignette, Polar Bear Attack/The White Bear. Engraved by DeWitt Clinton Hay and based on the work of renowned artist Felix O.C. Darley, the scene depicts four fur-clad men in a small boat struggling to defend themselves against an aggressive polar bear, which has its paw on the boat’s side. In the background, their ship is visible on the horizon. While the vignette isn’t based on a specific historical event, it captures the spirit of the era during which the note was issued. Mifflin noted that it reflects the time of Henry Grinnell’s Arctic expeditions, which were in search of the lost explorer John Franklin and his ships, HMS Erebus and HMS Terror. These vessels had disappeared in the mid-1840s while navigating the Canadian Arctic wilderness. It wasn’t until the last decade that the wrecks were located and eventually designated as a national historic site.
