National Bank Notes

What is a National Bank Note?

National Bank Notes are United States Currency authorized by the National Banking Act of 1863 and issued through 1935.  National Bank Notes were issued as small size notes starting with the series of 1929.  These notes are similar to Federal Reserve Notes in function however they were backed by each individual Chartered National Bank separately.  Federal Reserve Notes are backed collectively by all the Federal Reserve Banks.  These notes are also similar to Federal Reserve Bank Notes which were backed individually by Federal Reserve Banks. 

Small size National Bank Notes used the same paper stock as Federal Reserve Bank Notes. They can be distinguished by their Brown Seal and brown serial numbers as well as the name, location, and charter number of the National Bank they are backed by (all printed on the obverse of the bills).  These bills feature 4 signatures: 1) The Register of the Treasury at the time, E.E. Jones. 2) The Treasurer at the time, W.O. Woods. 3) The Cashier at the time of the issuing National Bank.  4) The President at the time of the issuing National Bank.  National Bank Notes can be distinguished from Federal Reserve Bank Notes by the name and type of the bank on the obverse.  It is also interesting to note the absence of the small black bar on the lower right corner of these bills. The bar was printed on Federal Reserve Bank Notes to cover up the word "President" which was used on National Bank Notes. Federal Reserve Banks have governors not presidents. (see picture)

Small size National Bank Notes were printed and issued to the public only for the series of 1929.  Series 1929 came in two types.  Series 1929 Type 1 were printed from May 1929 through May 1933.  Series 1929 Type 2 were printed from May 1933 through May 1935.  $5, $10, $20, $50, and $100 denominations were issued.  Type 2 notes can be distinguished by the inclusion of the bank's charter number in brown twice on the obverse. (both types have the charter number printed twice  in black)