Coin collectors have long praised the Barbers, Morgans, and Saint-Gaudens of coin design fame, but what about the artists whose work appears on paper notes? Many of the images on bank notes, stock certificates, and other financial instruments are quite beautiful, but their artists and engravers have mostly faded into obscurity.
The Grolier Club, a New York City society of book lovers, set out to change that with an exhibit titled “Images of Value” in early 2017. With over 250 items from the collection of Mark D. Tomasko, well deserved attention is being given to the artistry of U.S. money.
Pre-Civil War Paper Currency Art
Before the Civil War, individual state banks issued paper currency and hired artists to create scenes that celebrated that state. To further decorate those notes, the bill designers often incorporated idealized images of real people (mostly attractive females) and mythical figures (also mostly attractive females). Some of these were taken from existing art and modified for hand-engraved printing plates. Others were commissioned originals.
Civil War Legal Tender Artist Demand
Paper money as legal tender first appeared in the United States during the Civil War, when the country’s silver and gold reserves were needed for foreign exchange. Then, to prevent counterfeiting (also a reason paper money was so elaborately designed), the New York Stock Exchange began requiring that its listed companies have their securities made by a “reputable” banknote company. This, along with the demand for U.S. paper currency, created a boom time for high-quality note engravers such as the American Banknote Company. It also created demand for top-notch artists and engravers since so many new designs were needed.
While some of the artwork was reduced by engravers from large originals, much was drawn to scale for the notes by celebrated miniaturists like Asher B. Durand, George W. Hatch, Henry Inman, and Thomas Birch.
Photography and Wash Drawings Take Over
With the advent of photography, art could be made larger and photo-reduced, giving birth to what Grolier Club catalog calls “the golden age of wash drawings,” a technique by which watercolor is used to enhance pen or pencil drawings. The work of Alonzo E. Foringer, a muralist who painted allegorical females from the 1910s to the 1940s and gained fame for his sentimental Red Cross poster in 1918, was a favorite among the larger paintings. His work appeared on over 50 currency notes worldwide and numerous stock certificates. Other noted American artists of this era included F.O.C. Darley, James D. Smillie and Walter Shirlaw.
No longer able to rely on outside artists for much of their production due to demand, the note companies brought much of the design work in-house. These artists and craftspeople became the art nerds of their time, toiling in obscurity in the studios of the engraving companies. Few of their identities have survived the passage of time, but their work is highly prized by collectors such as Mr. Tomasky, who became fascinated by the beauty of their work as a young boy and has since focused on tracking down the original artwork.
Modern Money Engraving
In 1877, The United Stated Bureau of Engraving and Printing took over production of all American currency, and the number of U.S. banknotes today is a fraction of what it once was. By the turn of the 21st century, with rival Nasdaq challenging its dominance, The New York Stock Exchange dropped its engraving requirements. With these events, along with other changes in the way the world handles money today, the heyday of financial engraving has passed. But collectors are grateful to people like Tomasky who keep its history alive.
You can see some of Tomasky’s collection in this article from the New York Times.
The catalog notes for the Tomasky exhibit at The Grolier Club are available online here.
