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The 1902 $10 National Bank Note from Cumberland, Maryland, bearing the Charter #1519 and graded as Fine, is an exquisite piece of American numismatic history. National Bank Notes were introduced as part of the National Banking Act of 1863, which aimed to create a stable national currency system during the Civil War. These notes were issued by national banks, each backed by U.S. government securities, ensuring their value and reliability. The 1902 series represents an era when National Bank Notes were a cornerstone of American commerce and banking, playing a crucial role in local economies across the country.
The design of the 1902 $10 National Bank Note is both intricate and symbolic. The obverse of the note features a portrait of William McKinley, the 25th President of the United States, who served from 1897 until his assassination in 1901. McKinley's portrait is prominently placed in an ornate frame, surrounded by elaborate scrollwork and the inscriptions "National Currency" and "United States of America." The bank's name, "The First National Bank of Cumberland," along with the charter number 1519, is displayed prominently, linking the note to its specific issuing institution. This personalization adds historical and regional significance to each note.
The reverse side of the note showcases a vignette of Columbia, a personification of the United States, holding the American flag and an olive branch, symbolizing peace and patriotism. Surrounding Columbia are allegorical figures representing agriculture and industry, highlighting the nation's economic strength and diversity. The denomination "Ten Dollars" is clearly stated, along with additional design elements that emphasize the note's federal backing and national importance. The intricate design and symbolism on both sides of the note underscore the craftsmanship and artistic value inherent in these historic pieces of currency.
The production of the 1902 $10 National Bank Note was overseen by the Bureau of Engraving and Printing, the official printer of U.S. currency. The meticulous process involved several stages, including intaglio printing, which produces raised designs that can be felt by touch, adding a layer of security against counterfeiting. The paper used for these notes is a blend of cotton and linen, chosen for its durability and resistance to wear. This careful attention to detail ensured that the notes could withstand the rigors of circulation while maintaining their aesthetic appeal and integrity.
The mintage of the 1902 $10 National Bank Note from Cumberland, Maryland, Charter #1519, reflects the local economic conditions and the role of the First National Bank in supporting the community's financial needs. National banks were authorized to issue currency based on their capital and deposits, which meant that the amount of currency issued was a direct reflection of the bank's financial health and the local economy's vitality. These notes were used for everyday transactions, making them a vital part of the local economy. The limited issuance of notes from specific banks adds to their rarity and collectible value today.
The condition of this particular 1902 $10 National Bank Note is graded as Fine. In this grade, the note shows moderate signs of circulation with some wear, but it retains a significant amount of its original detail and integrity. The paper remains firm, although it may exhibit signs of handling such as folds, creases, and slight discoloration. Despite these signs of wear, the design elements, including the intricate engravings and printed text, remain clear and legible, preserving the note's historical and artistic value. The Fine grade ensures that the note's overall appearance and structural integrity are well-preserved.
The 1902 $10 National Bank Note from Cumberland, Maryland, encapsulates a rich narrative of American banking and currency. Its design elements, featuring William McKinley and allegorical representations of the nation's strength, reflect the values and achievements of the era. The limited mintage and regional significance enhance its collectible value, making it a sought-after piece for collectors and historians alike. The note's historical and artistic merits make it a valuable asset, offering a tangible connection to the past and a deeper understanding of the nation's financial evolution.
The intricate design, historical context, and regional significance of the 1902 $10 National Bank Note from Cumberland, Maryland, make it a fascinating collectible. It represents a period of economic transformation and progress, encapsulated in a beautifully crafted piece of currency. For collectors, owning such a note is an opportunity to preserve and appreciate a tangible piece of American history, reflecting the nation's journey toward a unified and stable financial system. This note stands as a testament to the enduring legacy of the National Banking System and its impact on the American monetary landscape.