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The 1882 $5 National Bank Note from Newark, New Jersey, Charter #2045, is a historically significant piece of U.S. paper currency that represents a fascinating era in American banking. Issued under the National Banking Act of 1863 and its subsequent revisions, National Bank Notes were a key component of the federal banking system in the late 19th and early 20th centuries. These notes were backed by U.S. government bonds and issued by federally chartered banks, providing a stable and uniform currency across the nation. The First National Bank of Newark, New Jersey, was among the many institutions that participated in this system, issuing notes under its unique charter number, 2045.
The National Banking Act was introduced during the Civil War to create a centralized banking system and provide a more reliable currency. Prior to its enactment, the United States lacked a uniform paper money system, with banks issuing their own banknotes of varying reliability. The act established national banks, required them to purchase U.S. government bonds, and allowed them to issue notes secured by those bonds. This system helped to stabilize the banking industry and laid the foundation for the Federal Reserve System, which would later replace National Bank Notes in the early 20th century.
The design of the 1882 $5 National Bank Note is an exquisite example of late 19th-century American engraving and artistry. The front of the note, or obverse, prominently features a striking portrait of President James A. Garfield, the 20th President of the United States. Garfield’s presidency was tragically cut short by assassination in 1881, and his image on the 1882 series notes serves as a tribute to his leadership and legacy. His portrait is finely engraved, with intricate detailing capturing his likeness with remarkable clarity. Surrounding the portrait are elaborate decorative elements, including filigree patterns and scrollwork, which enhance the note’s visual appeal.
Additional inscriptions on the obverse include the issuing bank’s name, “The First National Bank of Newark, New Jersey,” along with its charter number, 2045. The note’s denomination, “FIVE DOLLARS,” is prominently displayed in bold lettering, ensuring easy recognition. Serial numbers, signatures of the bank’s officers, and the official Treasury seal further authenticate the note. The phrase “This note is secured by bonds of the United States deposited with the Treasurer at Washington” emphasizes the security backing these notes, reinforcing public confidence in their value.
The reverse of the 1882 $5 National Bank Note features a beautifully engraved image of “Landing of the Pilgrims,” a historical scene depicting the arrival of the Pilgrims at Plymouth Rock in 1620. This engraving symbolizes the spirit of exploration, perseverance, and the founding of early American settlements. The intricate detailing in this vignette showcases the exceptional craftsmanship of U.S. banknote engravers during this period. Above the image, the words “United States of America” and “National Currency” are inscribed, reinforcing the note’s legitimacy as federally sanctioned paper money.
The note was printed by the Bureau of Engraving and Printing (BEP), which was responsible for producing National Bank Notes under federal guidelines. By the 1880s, the BEP had established itself as the primary producer of U.S. currency, ensuring high-quality engraving and uniformity in design. National Bank Notes were printed with specific design templates, but each issuing bank's name, charter number, and signatures were individually added, making every note unique to the bank that issued it.
The mintage of the 1882 $5 National Bank Note from Newark, NJ, is difficult to determine precisely, as National Bank Notes were issued in varying quantities based on each bank’s financial standing and bond holdings. However, notes from the 1882 series were widely circulated for several decades, making them relatively common compared to earlier issues. Despite their widespread use, surviving examples in collectible condition are relatively scarce, particularly for specific banks and charter numbers. Notes from major financial hubs like Newark tend to have higher survival rates due to their larger initial issuance.
The condition of this 1882 $5 National Bank Note is graded as Fine to Very Fine (F-VF), meaning that while it shows signs of circulation, it remains well-preserved for its age. Notes in this grade typically exhibit moderate wear, with visible creases, folds, and some minor discoloration. The paper remains intact, with no major tears or significant damage that would compromise its overall appearance. The design elements, including the portrait of Garfield and the Pilgrim vignette, remain clear and legible, though some areas may show signs of fading due to handling and environmental exposure over the years.
Collectors value National Bank Notes in Fine to Very Fine condition for their historical significance and visual appeal. While uncirculated or higher-grade examples command premium prices, mid-grade notes like this one offer an excellent balance of affordability and collectibility. The presence of clear signatures, legible serial numbers, and an intact Treasury seal further enhance the note’s desirability among numismatists and paper money enthusiasts.
The collectibility of the 1882 $5 National Bank Note from Newark, NJ, Charter #2045, is further enhanced by its connection to a prominent financial institution. The First National Bank of Newark was a well-established bank that played a crucial role in the local economy during the late 19th and early 20th centuries. Notes issued by banks in major cities tend to attract more interest from collectors due to their historical relevance and the likelihood of surviving examples. Collectors often seek to acquire notes from specific locations, making this Newark-issued note particularly appealing to those interested in New Jersey banking history.
Proper storage and preservation are essential for maintaining the integrity of this 1882 $5 National Bank Note. Collectors should store the note in a protective currency sleeve or holder to prevent further wear and environmental damage. Avoiding direct handling with bare hands, excessive light exposure, and high humidity levels will help preserve the note’s color and paper quality. Many collectors opt for professional grading and encapsulation services from companies like PMG (Paper Money Guaranty) or PCGS Currency to ensure the note’s authenticity and long-term protection.
The investment potential of National Bank Notes remains strong due to their historical importance and relative scarcity. As paper money collecting continues to grow in popularity, well-preserved examples from the 19th century attract increasing interest. The unique characteristics of each note, including bank-specific details and variations in print runs, contribute to their desirability. While Fine to Very Fine examples are more affordable than uncirculated specimens, they still hold significant value and appeal for those building comprehensive National Bank Note collections.
The 1882 $5 National Bank Note from Newark, NJ, Charter #2045, stands as a testament to the evolution of American banking and currency. Its intricate design, historical connections, and role in the National Banking System make it a prized collectible. Whether appreciated for its artistic merit, historical significance, or investment potential, this note serves as a tangible link to a bygone era of U.S. financial history, preserving the legacy of the banks that helped shape the nation’s economic landscape.
The enduring appeal of National Bank Notes ensures that examples like this one will continue to be highly sought after by collectors and historians alike. As a representation of the economic challenges and innovations of the late 19th century, the 1882 $5 National Bank Note from Newark, NJ, remains a valuable and cherished piece of numismatic history. Collectors who acquire this note not only hold a rare artifact but also gain insight into the financial systems that paved the way for modern American banking.