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The 1902 $10 National Bank Note from Hagerstown, Maryland, issued under Charter #4856, is a fascinating piece of American banking history. National Bank Notes were issued between 1863 and 1935 by banks that were part of the National Banking System, which was created to standardize U.S. currency and provide stability during a time of financial upheaval. This note from Hagerstown, Maryland, is especially notable due to its connection with a smaller local bank, making it a collectible item with regional significance. Graded F (Fine), this note shows clear evidence of circulation but retains enough detail to appreciate its design and history.
The obverse of the 1902 $10 National Bank 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 centrally located on the left side of the note, enclosed in an ornate frame that highlights the intricacies of early 20th-century currency design. To the right of McKinley’s portrait, the denomination is clearly marked with large "10" numerals, ensuring that the note’s value is immediately recognizable. The name of the issuing bank, "The First National Bank of Hagerstown," is printed prominently across the center of the note, beneath the heading "NATIONAL CURRENCY." Above the bank’s name is the bank’s charter number, "4856," printed twice on the obverse. The signatures of the bank’s cashier and president are included below, along with the red serial number, which adds a touch of color to the otherwise black-and-white design. Despite the wear associated with the F grade, McKinley’s portrait and the key design elements remain intact and legible, making this note an attractive piece for collectors interested in regional U.S. currency.
The reverse of the 1902 $10 National Bank Note is equally detailed, though more focused on ornate patterns and the bold display of the denomination. The large numeral "10" is prominently placed in the center, surrounded by an intricate geometric design that showcases the engraving skills of the time. The words "TEN DOLLARS" are printed at the bottom, with "UNITED STATES OF AMERICA" inscribed across the top. The reverse is printed in green ink, contrasting with the black-and-white obverse, which was a common feature of U.S. currency during this period. The simplicity of the reverse design, combined with the elaborate scrollwork and patterns, highlights the balance between functionality and artistry that characterized early U.S. banknotes. Although this note has seen moderate circulation, as indicated by its F grade, the reverse remains clear and legible, with the central elements of the design still visible.
The First National Bank of Hagerstown, Maryland, issued this note under Charter #4856 as part of the National Banking System. Hagerstown, a town in western Maryland, played a significant role in the region’s economy during the early 20th century, with its proximity to the Potomac River and key transportation routes making it a hub for trade and commerce. The bank’s issuance of National Bank Notes helped support local businesses and residents by providing a reliable and widely accepted form of currency. National Bank Notes were backed by U.S. government bonds, which the issuing banks were required to hold as collateral. This system ensured that the notes were trusted by the public and could be used in everyday transactions. The Hagerstown bank’s participation in this system reflects the town’s importance in the regional economy during this period.
National Bank Notes were issued in various denominations and quantities depending on the size of the bank and the local demand for currency. Smaller towns like Hagerstown typically issued fewer notes compared to larger urban centers, making surviving examples from these regions particularly scarce. The F grade assigned to this note indicates that it has been in circulation and shows signs of wear, including folds, creases, and some soiling. However, the overall structure of the note remains intact, with the key design elements, such as McKinley’s portrait and the bank’s name, still visible. For collectors, notes from smaller towns and banks like this one are especially appealing due to their rarity and the unique historical context they provide.
The issuance of National Bank Notes began to decline after the establishment of the Federal Reserve System in 1913, which introduced Federal Reserve Notes as the primary form of U.S. currency. By 1935, the issuance of National Bank Notes had ceased altogether, marking the end of an important era in American banking history. Today, surviving National Bank Notes are prized by collectors for their connection to the regional economies and banking institutions that helped shape the country’s financial system during the late 19th and early 20th centuries. Notes from smaller banks, such as this $10 note from Hagerstown, offer a tangible link to the past and are valued for their historical significance and artistic design.
The 1902 $10 National Bank Note from Hagerstown, Maryland, Charter #4856, graded F, is an important artifact from the National Banking Era. Its connection to the First National Bank of Hagerstown, combined with its detailed design and moderate wear, makes it a valuable addition to any collection of U.S. paper currency. Despite the signs of circulation, this note remains a well-preserved example of early 20th-century U.S. banknotes, offering collectors a glimpse into the financial history of a small Maryland town and the broader context of the National Banking System.