In 1872 — two years before the first commercially retailed photographic portrait of Emperor Norton — an editor in Oakland wondered whether there might be a market for photographs of the Emperor and how much collectors might be willing to pay.

Five years later, in 1877, a San Francisco paper carried an editorial on the prices paid at a recent New York sale of autographs of U.S. presidents, European monarchs, and other notables. The writer observed that Emperor Norton's signatures were "going at a low rate" and suggested that this would remain the case with the Emperor’s ongoing sales of signed promissory notes continuing to glut the market — but that, in the future, the Emperor’s signature could become a more precious commodity.

In light of the four- and five-figure sums now commanded by photographs and signed promissory notes of Emperor Norton, it’s worth noting these two early — and, we believe, previously unreported — indicators that, even during the Emperor’s lifetime, there were those who saw that the Emperor eventually could find his way to the collector’s market.