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The 1902 $10 National Bank Note from Hagerstown, Maryland, issued under Charter #4856, is an extraordinary piece of American financial history. National Bank Notes were an essential component of the U.S. monetary system during the late 19th and early 20th centuries, offering a standardized form of currency backed by government bonds. These notes were issued by national banks under a charter authorized by the U.S. Treasury. The Hagerstown National Bank played a significant role in providing banking services to the local community, and this $10 note is a tangible reminder of the town’s economic vitality during the early 1900s. Graded VF (Very Fine), this note remains well-preserved, retaining much of its original detail while showing signs of moderate circulation.
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 likeness is framed within an ornate oval, with intricate scrollwork extending outward, characteristic of the fine engraving styles of the period. Above his portrait, the words "NATIONAL CURRENCY" are prominently displayed, while the name of the issuing bank, "The First National Bank of Hagerstown," is printed in bold letters across the center of the note. The bank’s charter number, "4856," is printed twice on the obverse, once on each side, marking the bank’s official place within the national banking system. The signatures of the bank’s cashier and president are visible below the bank’s name, affirming the note’s authenticity. Red serial numbers add a touch of color to the otherwise monochromatic design, which is typical for National Bank Notes of this period. The VF grade indicates that while this note has been in circulation, it retains much of its original sharpness and detail, with minimal damage beyond expected wear from use.
The reverse of the 1902 $10 National Bank Note is as intricate as the obverse, though its design focuses more on the denomination and decorative flourishes. The center of the reverse prominently features the denomination "TEN" surrounded by elaborate geometric patterns and scrollwork. The words "UNITED STATES OF AMERICA" arch over the top of the note, while "TEN DOLLARS" is inscribed along the bottom edge. The use of green ink on the reverse provides a striking contrast to the black-and-white design of the obverse, a standard feature of U.S. banknotes from this era. Despite moderate circulation, the reverse design remains clear and legible, with only minor signs of wear visible on the edges and corners, in line with its VF grade.
The First National Bank of Hagerstown, Maryland, was established under the National Banking Act, which was passed during the Civil War to create a uniform national currency and stabilize the country’s financial system. This bank, like many others at the time, issued National Bank Notes as a way to meet the local demand for currency while supporting regional economic activity. Hagerstown, located in western Maryland, was an important hub for trade, agriculture, and transportation during the early 20th century. The bank’s participation in the National Banking System helped facilitate the exchange of goods and services in the area, with National Bank Notes serving as a reliable and widely accepted form of currency backed by the full faith of the U.S. government. This particular note reflects the importance of Hagerstown’s local economy and the critical role the bank played in supporting it.
National Bank Notes like this one were issued in various denominations, with the $10 note being among the most common. These notes were backed by U.S. government bonds held by the issuing bank, which ensured their value and made them a trusted medium of exchange across the country. The mintage of these notes varied depending on the size of the bank and the local demand for currency. Smaller towns like Hagerstown generally issued fewer notes than larger cities, making surviving examples from regional banks relatively scarce. The VF grade assigned to this note indicates that while it shows some signs of use, including folds and slight edge wear, it remains in very good condition, with most of its original detail still intact. The note’s structure is solid, with no significant tears or damage, making it an attractive collectible for those interested in early 20th-century U.S. currency.
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 era in American banking. Today, surviving National Bank Notes are highly sought after by collectors for their historical significance, regional interest, and artistic value. Notes from smaller banks, such as the First National Bank of Hagerstown, hold particular appeal due to their scarcity and the insight they provide into the local economies of early 20th-century America.
The 1902 $10 National Bank Note from Hagerstown, Maryland, issued under Charter #4856 and graded VF, is a valuable piece of U.S. financial history. Its connection to the National Banking Era, combined with its detailed design and relatively well-preserved condition, makes it a desirable addition to any collection of U.S. paper currency. As a representation of Hagerstown’s local economy and the broader role of the National Banking System in shaping America’s financial landscape, this note offers collectors a tangible link to a pivotal period in the nation’s economic development.