Millville, NJ 1882 Brown Back National Currency #1270, $10 PCGS VF 25

Description: Product Details:This is a PCGS graded note. You will receive the note pictured. You are purchasing a Millville, NJ 1882 Brown Back National Currency #1270, $10 PCGS VF 25. Last one sold in 2011, described on Heritage Auctions "A very scarce type from this south Jersey bank, with the census showing only one other Brown Back, with that piece having been off the market for at least 20 years." Note Features:PCGS gradedFR# 481Known as a Brown Back NationalSigned by: Bruce | JordanSeal Color: Brown National Banknotes National Bank Notes represent one of the most intricate and fascinating areas of U.S. numismatics. Over a span of seventy years, these notes were issued by more than 14,000 federally-chartered banks across the United States and its territories. The names of these banks, along with the towns and cities they were based in, were prominently displayed on the front of each note. This visibility of local names has led to National Bank Notes being referred to as “hometown notes.” The issuance of National Bank Notes was first authorized by the National Banking Acts of 1863 and 1864. These notes were backed by bonds deposited with the U.S. Treasury by chartered member banks, which were subject to federal oversight and required to maintain a minimum capital balance. The amount of notes a bank could issue directly correlated with the deposits held at the Treasury. This system aimed to put an end to the era of “wildcat banking” that prevailed before the Civil War, a time when unregulated banking allowed both legitimate and dubious banknotes to circulate freely. The National Bank system established a consistent and reliable currency throughout the U.S. and laid the groundwork for the creation of the Federal Reserve in 1913. Most National Bank Notes were issued during the large-size era, but small-size Nationals were introduced in the Series of 1929, available in denominations of $5, $10, $20, $50, and $100. Not all banks issued every denomination. All Nationals were printed by the federal government and sent to member banks, which then circulated the notes. Small Nationals are less ornate than their larger counterparts and align more closely with other types of U.S. currency introduced in the Series of 1928. The portraits on these notes are the same as those found on Federal Reserve Notes, Silver Certificates, and United States Notes. Generally, small-size Nationals are more plentiful than the larger ones, although certain rarities exist within the extensive series. Typically, banks in larger cities issued more notes than those in smaller towns, making notes from major cities more common. Small-size Nationals fall into two main varieties: “Type 1” and “Type 2.” The primary distinction is that “Type 2” notes include the bank’s charter number in brown next to the serial number. Small-size National Bank Notes can be superficially confused with the small-size Federal Reserve Bank Notes, which were issued in 1933 (though dated as Series of 1929). These Federal Reserve Notes were an emergency measure aimed at stabilizing the economy during the Great Depression and also feature brown seals and serial numbers, similar to Series of 1929 National Bank Notes. In fact, the small Federal Reserve Bank Notes, or “FRBNs,” were printed using plates intended for National Bank Notes, but they display the names of Federal Reserve Banks instead of National Banks. The issuance of National Bank Notes ceased in 1935, at which point many were redeemed and destroyed. Those that remain are still considered legal tender and are highly collectible. The opportunities for collecting Nationals are virtually limitless; some collectors focus on specific banks or towns, often choosing their hometown, birthplace, or places they have lived. Other collectors may target a particular county, state, or region, while some specialize in notes from U.S. Territories or aim to collect at least one note from each state. Collecting particular series or notes from banks located in state capitals are also popular strategies. This is an excellent note to add to your collection. Add this note to your cart today!

Price: 1599.99 USD

Location: Houston, Texas

End Time: 2024-11-21T04:55:02.000Z

Shipping Cost: N/A USD