Wednesday, July 8, 2015

Saving With Uncle Sam



QUESTION: When I was a child, my father gave me an cast iron Uncle Sam bank for Christmas. I recently purchased a similar one at an antique show. It stands 10 ½ inches tall and weighs about 7 pounds.  I’m not sure if it’s authentic. How can I tell if it is and what can you tell me about the history of my bank?

ANSWER: In all likelihood, the bank you bought at that antique show is a reproduction which probably dates from the early 20th century.

Peter Adams Jr. and Charles G. Shepard created the first Uncle Sam bank. But it was the Shepard Hardware Company of Buffalo, New York that produced the first one in 1886. This particular cast-iron mechanical bank features an umbrella-carrying Uncle Sam standing on a decorated base holding a suitcase. By placing a coin in his hand and pressing the knob on the box, Uncle Sam lowers his arm and puts the money into the U.S Treasury bag. The beard on his lower jaw moves as if he’s talking.

At the time it appeared on the market, the bank showed Uncle Sam, who represented the U.S. Government, taking citizens' money.

So who was Uncle Sam? The first use of the moniker “Uncle Sam” supposedly appeared during the War of 1812 in reference to Samuel Wilson, who was a meat packer who inspected meat  destined for the troops. People called him Uncle Sam, and he just so happened to have the same initials as the new country.

Toy banks became popular in the United States during the 18th century after hard currency went into circulation. But it wasn’t until the early part of the 19th century that the first chartered savings bank in New York City opened its doors. Being thrifty soon became a popular trend, and people began using toy banks as a way to follow the encouraging words of Benjamin Franklin—“A penny saved is a penny earned.”

Your bank was possibly cast from an historic mold made by Shepard. If Uncle Sam’s beard moves as the coin in his spring-loaded hand drops into the U.S. Treasury bag at his feet, then your bank is authentic.

Many reproductions have been made since the first Uncle Sam bank. Those produced in the 1920s may still hold considerable value, but never as much as the original. The most recent large scale production of these banks occurred during the U.S. Bicentennial celebration in 1976. But manufacturers cut corners and didn’t make these banks from real cast iron, choosing to use a lighter, cheaper metal instead. These cheap knockoffs also had more details than the originals. While some look similar to the originals, most can be spotted by the addition of embellishments and added details.

If your bank is heavy, it’s probably an early reproduction. Also, if the paint is really bright, it most likely is a later reproduction. Some people have repainted originals, but this is a mistake and ruins their value. Some reproductions also have incorrect colors. The correct colors should be a blue full dress coat with red and white striped pants. On the bottom of the base should be the words, "PAT. JUNE 8, 1886". Most reproductions show the mark, “Made in Korea” or “Made in China.” But some reproductions only have an eagle and banners on one side. On the original they appear on both sides. The beard moves on the originals but doesn’t move on many reproductions. A modern reproduction, made in Taiwan, sells for only about $15 to $25.

The value of these banks is always dependent on their condition, but many of the originals have little paint left on them. In good working condition and with all of its original paint, an 1886 bank could be worth between $1,000 and as much $18,000.

37 comments:

Unknown said...
This comment has been removed by the author.
Unknown said...

Hi there, I read your article on the Uncle Sam bank, I had a question if maybe you could help me? I came across one of these years ago, his beard moves in rythem with hand when he drops the coin but his pants are only white but looks like it might have been painted over, and there is no marks whatsoever that are noticeable on the bottom, but that does look like it has fresh paint on it, maybe a homemade restoration job? Any advice is greatly appreciated. Thanks, josh

Unknown said...

I have a heavy cast iron bank..that says reproduced..so it must be from 1920s..its pretty old and heavy..where could I sell it.kansas3444@gmail.com..please text me

john smith said...

The butter knife will act as a ramp for the coins to slide out of the piggy bank. Money Coin Bank

Unknown said...

Hi. I read the article about uncle sam. I have one and would like to know what is worth. Its a heavy one looks like cast iron and it saids Taiwan on the bottom let me know please.yulianapaez1985@gmail.com

Unknown said...

I have found Uncle Sam Bank with a pet and date on the bottom the bottom has holes and the door is in the back and I also read that the foot should be on the third line and it is the thing that has me wondering is the paint is about 80 - 90% and also the paint on the box is gold with a brown eagle but it has the bluecoat and gold stars with a white hat and gold stars white pants with red stripes you may text me at 484 772 6412

Unknown said...
This comment has been removed by the author.
gifts are forever said...

i have a uncle sam bank that is cast iron and date is 1878 but has no eagle on i. Its flat does that mean anything. I have searched all day and cannot find it anywhere. Is the one i have more rare

Unknown said...

I have an Uncle Sam bank. His beard moves when a coin is dropped, indicating an original. However the Eagle is only on the front, indicating a replica. Color me confused! Do you know of anyone in the Midwest (Ohio - 500 mile range) who could appraise it? Thanks!

Unknown said...

I have one of these banks the color is original and the mouth moves it says Taiwan on the bottom it is heavy its made if cast iron. How do I find out the year

Unknown said...

I have one of these banks the color is original and the mouth moves it says Taiwan on the bottom it is heavy its made if cast iron. How do I find out the year

Unknown said...

For those trying to identify originals, I believe I have two originals. Both have the patent stamped on the bottom. The eagle is only on the front of the box, the word BANK is on both short ends. The back has a hatch and lock (the keys are missing for both of mine). The older looking one has barely any traces of paint. Two rows of holes on the short sides of the bottom and nearly central flat-head slot screw. Raised rim corner holes presumably held rubber or felt feet. Flat screws used in the middle of man's back and elbow of right arm.

The one with paint nearly intact differs by two rows of holes on short ends of the bottom and an irregular ring of 10 holes around the central round head slot screw. Its hatch on the back side has a spring to close it. Round-head slot screws used in middle of man's back and elbow of right arm.

PAT. JUNE 8_1886 Design No. 16,728

My research on eBay suggests stamps of China, Taiwan or Korea indicate a reproduction.

Unknown said...

Found an Uncle Sam Bank that I believe is original. Most of the paint is gone but enough on the parts to identify its color at one time. Has the door on the back which looks like a mini safe door once you open it. I have a key and it's marked "MILLERLOCKCO" across the top with "PHILA U.S.A" with "3-22-88" on it. I just started my research and am trying to narrow down a possible date as to when this was made. I've read they were reproduced in the 1920's. Are there any differences between the ones made in 1886 through 1913? Will gladly send a photo of the key and bank.

Anonymous said...

Hello,
I wrote the above comment "For those trying to identify originals"... and I would dearly love to see a photo of your key. Please contact me: fondelle @ gmail.com. Your bank sounds like an original with the door on the back. I could share links to all I could find about the Uncle Sam banks.

An article http://www.mechanicalbanks.org/scrapbook/1980s/pages/1982_shepard_banks.htm says, "Shepard entered into the mechanical bank field in about 1882 and available information indicates they sold out their line of toy banks in 1892." Dunno if the buyer sold them after that.

Unknown said...

I have to Uncle Sam Banks the beard news and everything seems to work on it but can't find no writing on who made it how can I find out if it's worth anything is there anyway I can send you pictures

Lotus said...

Hello . Can I send pictures of my uncle Sam to anyone please To see it's worth ? Thank you

Unknown said...

My Uncle Sam has "Classic Iron" stamped on the bottom. No other identifying marks. A rubber plug, so I always thought replica. Mouth moves as coin drops from hand. It's been a couple years, but I think I paid $10.00 for it. Any help on knowing value will be appreciated. Thanks and have a Blessed day.

Unknown said...

I have two one looks old other looks newer but neither say nothing about reproduction or not. How do you go about finding out. Rather there original or not?

Unknown said...

Never mind just read your post all the way and there both cast iron and both drop money right and beards move. As for what you're saying there both original's. Cool love them both.

Unknown said...

I have a taiwan bank but the eagle and banners are upside down

Unknown said...

Hahah, not an original... I posted about my two on October 15, 2018. I can't include a photo via the CREATE A LINK below since I don't have a Blogger account, sigh.

sadierobbins1@aol.com said...

Hi, I possibly have an original but it's only the uncle Sam with no base. Not in great condition but I can send pics if you are interested. Please message me at sadierobbins1@aol.comsadierobbins1@aol.com or call 913 403 6878 Tony

Unknown said...

I enjoyed this article. It is informative and breaks down the details of what to look for. I would like to know how to get a certificate of authenticity and will it affect the sale of the bank. Wh . Would I contact to get an idea of what it is actually worth. Thank you

Unknown said...

Hi I have am Uncle Sam Bank but it doesn't said where it was made. It is heavy and has the red strips on the pants.

Unknown said...

The terrific blog posted above notes saliently, for those people wondering about their Uncle Sam's authenticity, "If Uncle Sam’s beard moves as the coin in his spring-loaded hand drops into the U.S. Treasury bag at his feet, then your bank is authentic."
__Webscribe

Anna.S said...

Hi. I have an Uncle Sam mechanical bank. The trousers are just white, the beard moves when pushing the button, no thing on the back but rubberplug in the bottom? No stamps whatsoever. Bank on both sides. Eagle with banners sayin UNCLE on left and SAM on right. How do I find out if it has any worth or not? Been googling like a madwoman for days!

Unknown said...

I have a bank it's heavy the beard moves. There is no markings on it to tell If it were a reproduction or pat... It has the eagal and banner only on one side. I'm trying to find more info on this bank.

Anonymous said...

I believe your answer is in the next to the last paragraph in the original blogger's post. Without the patent inscription on the base yours must be a reproduction.

Unknown said...

I have an uncle sam cast iron bank. It has a 0 on the top and bottom

DaOnlyGaGa said...

I think I have an original one. I’d like to know the value & possibly sale it. I got this from cleaning out a home for an elderly man who owned several
Oil refineries

Lynda said...

I have one that the beard moves when penny is dropoed in the bag. Bottom has “ PAT june 8, 1886”. No stopper and paint is still pretty good. Possibly someone painted it?

Anonymous said...

Hi i have n uncle sam bank as well. I've red all your questions and answered. The thing I can figure out is that why my one has a stamp on it with the date Feb 2 1975.

Anonymous said...

I do have a original I also have a nine original but I’m trying to find out where and who I could possibly sell it to and the price I could get for it you can contact me at F copeland@live.com

Anonymous said...

It should’ve said I do have a original and a non-original

Anonymous said...

I also have the same bank I’m so confused of what it is

Anonymous said...

I have plenty of them I collected and would like to sell in bulk !

Anonymous said...

I had an original willed to me that one of my family members switched for a replica . Is it worth calling a lawyer or the police over?