Cleveland, Ohio (oh) $5 Large, Blue Seal 1902 National Bank Note, Ch 4318 For Sale
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We specialize in offering mostly U.S. coins and currency to customers on . We feature many different years of U.S. Uncirculated Mint Sets and Proof Sets as well as a variety of National Bank Notes and silver coins ranging from pure Silver Eagles to 40% silver coinage and even Canadian silver coins. Our items are as described and all pictures are taken of the items by us personally. However, in the case of some items where we have multiple items in inventory, the item you receive may not be the exact same one as pictured.
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Cleveland, Ohio (OH) $5 Large, Blue Seal 1902 National Bank Note, Ch 4318
We're offering a rare Series of 1902 National Currency $5 Bank Note issued by the Central National Bank of Cleveland, Ohio (Charter Number 4318), with a serial number of 45368. This is a Blue Seal, Large Size bill featuring a portrait ofAmerican President Ben Harrisonalong with the dateback Pilgrim reverse. While this is an easy bank to acquire notes from, datebacks are a much different story. Only FOUR other datebacks from this Cleveland bank charter are listed in the census.
The pictures above are of the exact bill you will receive. The bill has never been graded as far as we are aware.
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An abbreviated history of National Bank Notes as written in Wikipedia:During the Civil War, in 1863, the National Banking Actestablished a system of National Banks which were empowered to issue National Bank Notes subject to federal oversight. The chartering of banks and administrative control over the issuance of National Bank Notes were the responsibility of the Office of the Comptroller of the Currency.In 1865 the Congress enacted a 10% tax on state bank note issuance making it unprofitable for state banks to issue notes, and thus restricting the circulation of privately issued banknotes to the National Banks.
From 1863 to 1935, National Bank Notes were issued by banks throughout the country and in U.S. territories. Banks with a federal charter would deposit bonds in the U.S. Treasury. The banks then could print banknotes worth up to 90% of the value of the bonds. The federal government would back the value of the notes – the issuance of which created a demand for the government bonds needed to bank them.
The program was a form of monetization of the Federal debt. Bonds eligible as collateral for posting to the Treasury were said to have the "circulation privilege" and the interest they bore provided seigniorage to the National Banks. They were retired as a currency type by the U.S. government in the 1930s during the Great Depression.
Sometimes these notes are called "hometown" notes, with their popularity deriving from the wide range of towns and cities that issued them. In the paper money hobby, Some examples of rare bank notes are quite valuable; for example, a note from Walla Walla, in what was then Washington Territory, sold for $161,000 in an sale held in June 2010.
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_gsrx_vers_525 (GS 6.6.5 (525))
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Cleveland, Ohio (oh) $5 Large, Blue Seal 1902 National Bank Note, Ch 4318: $565