The Hunt for the Elusive US 24¢ Continental Bank Note Issue
Many collectors have a favorite “what if” in philately — a mystery that’s nagged at them for years. For me, it’s Scott #164: the elusive 24¢ stamp issued by the Continental Bank Note Company starting May 1, 1973.
Ask most experts and they’ll tell you Scott #164 exists, but it is impossible to differentiate it from the National Printing. I have heard some say that there is no proof that the 24¢ stamps printed by the Continental Bank Note Company ever survived because they were all ordered to be destroyed after printing. The prevailing belief is that 24¢ stamps from this era were printed by the National Bank Note Company and are therefore correctly attributed to Scott #153.
The usual explanation is that there’s “no difference” between the Continental and National printings — no design or paper variation obvious enough to reliably separate the two. The assumption has been: if you find a 24¢ stamp from this general era, it must be National.
But this doesn’t hold up to scrutiny — and I think it’s time we set the record straight.
The Numbers Don’t Lie
Let’s start with what’s actually recorded. John N. Luff’s classic reference, The Postage Stamps of the United States, includes official stamp delivery data. These aren’t rumors or assumptions — these are fiscal-year records of what was delivered to postmasters. Here's what we find for the 24¢ stamps (Scott #142/153 and #164):
National Bank Note Company (Scott #142/153):
Fiscal Year ending June 30, 1871: 238,025 stamps
Fiscal Year ending June 30, 1872: 278,250 stamps
Fiscal Year ending June 30, 1873: 281,000 stamps
These are well-established as National printings, and the dates closely line up with the end of the National contract in 1873.
Continental Bank Note Company (Scott #164):
Fiscal Year ending June 30, 1874: 285,375 stamps
Fiscal Year ending June 30, 1875: 271,775 stamps
On July 1st, 1875, the newly established Universal Postal Union treaty took effect, making 7¢, 12¢ and 24¢ rates obsolete. Printing of these denominations discontinued and older stock was ordered to be used up.
That’s a total of 557,150 24¢ stamps printed and distributed by Continental. And yet, according to most catalogs and expert opinion, only one of these stamps has ever surfaced.
So where did they all go?
The 1885 Destruction Order — A Convenient Excuse?
Some argue that the reason we can’t find Scott #164 is because they were destroyed. In January 1885, Postmaster General Frank Hatton ordered the cancellation of various stamp plates and destruction of unused stamps — both official and ordinary issues. According to the records, 364,950 24¢ stamps were destroyed as part of this effort.
But here’s the catch: that figure also includes remainders of older National printings and Official stamps. It’s not itemized. There’s no way to say definitively that most Continental 24¢ were destroyed— and even if all of these destroyed stamps were Continental, that still leaves 192,200 stamps were distributed, and now misattributed as #153s.
If the delivery records are accurate, the 24¢ Continental should be about as common as the 90¢ Continental Bank Note, which has a reported surviving quantity of around 211,860. Even under a worst-case assumption — only 192,200 of the 24¢ Continental stamps escaped destruction — we’re still talking about a stamp that shouldn't be considered a ghost.
Which brings us to our first clue.
Exhibit 1 - The One That Slipped Through
The Philatelic Foundation authenticated a 24¢ stamp printed on vertically ribbed paper — a paper stock associated exclusively with the Continental Bank Note Company. The Foundation deemed it genuine, and it now stands as the only confirmed example of Scott #164.
Exhibit 2: Proof of a Different Kind
Let’s talk about something we do have: proofs printed by the Continental Bank Note Company. These are more than just pretty samples — they offer critical insight into how Continental’s 24¢ stamps differed from those of their predecessor.
When the contract changed hands from National to Continental, the printing plates remained the same. But other materials didn't. Continental used different paper, gum, and ink, and those changes left subtle — but traceable — fingerprints.
Here’s where it gets interesting. For the grilled issues produced exclusively by National (which can be positively identified), the 24¢ is consistently found in a pale dull purple shade. This is well established in expert circles and confirmed by John Luff in his seminal book.
We know those lighter shades of dull violet and pale dull violet were the norm during National’s early run while they were still grilling stamps. When Continental took over the contract, the inks were reformulated — and in several cases, the inks became bolder and more vibrant. That’s no accident. Continental wanted their work to look superior. The proofs back this up too: the National Bank Note Company proofs tend toward lighter “purple” tones, while the Continental proofs show stronger impressions of darker “violet.”
Luff even suggests that the Continental Bank Note Co. viewed National’s earlier printings as subpar:
“...the Continental Bank Note Co. believed that large quantities of the stamps made by their predecessors were of inferior quality.”
That might explain the shift. Rather than just reprinting the stamp, Continental seems to have deliberately improved it — opting for a richer ink hue to set their version apart.
Personally, I prefer thinking of it not in terms of purple vs. violet, but simply: National’s 24¢s were generally lighter. Continental’s should be darker. In other words, we now have some solid visual clues that can help distinguish Continental’s 24¢ stamps from National’s. The color is deeper, making detail appear sharper.
I believe this issue can be identified, not by a single trait, but by a combination of factors: primarily its deeper shade and the stronger impressions, especially in fine details like the rifles and cannon.
Some of the stamps shown below from the Philatelic Foundation website strike me as very plausible candidates.
Time to Test the Hypothesis
With a working hypothesis in hand — that the 24¢ Continental can be identified by its deeper shade and bolder impression — the next logical step was to test it against real-world examples. So I turned to the two best image archives I could find: the Philatelic Foundation and the Siegel Auction websites. I did what no algorithm or catalog note can do: I looked at every single Scott #153 cover I could find, one by one, comparing them to the profile I’d built for Scott #164.
To make sense of it all, I grouped the best cover candidates that fit my deeper hue profile into two categories:
Those images taken from covers with dates before June 1873, which should all be Nationals.
And those images taken from covers dated after June 1873, the window when Continentals would have been in use.
And what did I find?
Nothing!
The stamps on the later covers — the ones that should, in theory, be Continentals — looked very similar to the earlier ones. Similar shade. Similar impression. No obvious differences visible in scans. Is it possible I would have had better luck personally examining these covers?
I wanted to find the smoking gun… and instead, I found myself right back at the drawing board.
Another on this Don Quixotian Quest
I also know I’m not the only one who’s gone down this rabbit hole. Before he passed, my friend and colleague Albert Chang was on a similar quest to crack the #164 puzzle. He believed the key wasn’t in color or impression — it was in the paper. Specifically, he thought Continental’s distinctive silk fibers might be the best way to identify the stamp.
For weeks, I have been trying to secure access to his references to find out where he left off. So far, only an accumulation of stamps have been recovered, but any notes or progress with his work followed him to the grave.
It’s not a wild theory. John Luff mentions in his book (referencing the earlier 1897 work of Mr. Crawford Capen) that silk fibers were used in some Continental printings and could serve as a physical marker — a smoking gun. In fact, a promising 24¢ stamp bearing red and purple silk fibers was submitted to the Philatelic Foundation. But the Foundation ultimately certified it as a variety of Scott #153. A conservative call, until more proof can be compiled.
The Hunt Continues
So where does all of this leave us?
Here’s what we know:
The Continental Bank Note Company printed and delivered over half a million 24¢ stamps in 1874 and 1875.
One certified example exists — printed on vertically ribbed paper — offering clear, physical evidence that Scott #164 can be differentiated from its National counterpart.
Continental’s proofs show deeper colors than National’s versions, consistent with a company trying to improve on what it saw as inferior work.
Contemporary delivery records support the stamp’s existence that should represent a minimum of approximately 20% of the population of 24¢ Bank Notes.
And yet, in cover after cover, auction lot after auction lot, we keep seeing the same thing: Scott #153, again and again — even on mail dated well after National lost the contract.
Scott #164 probably isn’t lost. It’s just hiding — misidentified, misclassified, and long overlooked.
The hunt is back on.
