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The 1902 $10 National Bank Note from Passaic, New Jersey, Charter #12205, graded Fine (F), is an important piece of American monetary history that reflects the economic environment of the early 20th century. Issued under the National Bank Act of 1863, this note exemplifies the efforts to create a stable and uniform national currency that was backed by U.S. government securities. The National Bank Notes played a crucial role in promoting trust in paper currency during a time of significant economic transition.
The establishment of National Bank Notes was a direct response to the chaotic monetary system that prevailed prior to the Civil War. Before the National Bank Act, numerous banks issued their own currency, leading to confusion and distrust among the public. The Act allowed federally chartered banks to issue notes backed by U.S. Treasury bonds, providing a reliable medium of exchange. The Passaic National Bank, chartered as #12205, was one of the many institutions authorized to issue these notes, with the $10 denomination serving as an essential tool for local commerce and economic stability.
The design of the 1902 $10 National Bank Note is a striking example of early 20th-century currency artistry. The obverse prominently features a portrait of the esteemed Ulysses S. Grant, the 18th President of the United States and a significant military leader during the Civil War. His image is centrally located and surrounded by elaborate engravings and intricate borders, highlighting the skill of the Bureau of Engraving and Printing. The note prominently displays the denomination “Ten Dollars” along with the phrase “National Currency,” clearly indicating its value and type. The charter number #12205 is also included, linking the note directly to the Passaic National Bank and enhancing its historical significance.
On the reverse side, the design features a large, bold “10” that captures the viewer's attention, surrounded by ornamental flourishes and a decorative border. The reverse prominently states, “This Note is Secured by United States Bonds,” assuring the holder of its backing by government securities. The use of green ink on the reverse is characteristic of National Bank Notes and serves both aesthetic and security purposes, providing a distinctive look while helping to deter counterfeiting. The overall design of the note elegantly balances function and artistry, making it a desirable collectible.
Minted by the Bureau of Engraving and Printing, the 1902 $10 National Bank Note was produced on high-quality paper designed to withstand wear and tear from circulation. The Bureau employed advanced printing techniques to create the intricate designs and details on the note, ensuring that it met the standards expected by the public. The Fine (F) grade indicates that this note has experienced some circulation wear, but it still retains clear details and an overall pleasing appearance, making it attractive to collectors.
The total mintage of the 1902 $10 National Bank Note series varies based on the issuing bank, but specific figures for the Passaic National Bank are less commonly documented. Generally, notes from smaller banks or those with specific charter numbers, like #12205, are considered more collectible due to their limited availability. The rarity of such notes contributes to their desirability among collectors, particularly those focused on National Bank Notes.
Collecting National Bank Notes, such as the 1902 $10 from Passaic, NJ, provides a unique insight into the economic and social history of the United States. These notes are not just currency; they are historical artifacts that capture the evolution of the banking system and the government's efforts to create a stable and trustworthy monetary framework.
Investing in the 1902 $10 National Bank Note Passaic NJ Charter #12205 F offers both historical significance and the potential for financial appreciation. This note serves as a tangible connection to a crucial period in American financial history, illustrating the innovations in currency design and the broader economic landscape of the time. The intricate design and rich narrative surrounding its creation make it an appealing addition for collectors and history enthusiasts alike.
In conclusion, the 1902 $10 National Bank Note from Passaic, NJ, Charter #12205, graded Fine (F), is a remarkable blend of history, artistry, and investment potential. Its detailed design, historical context, and relative rarity ensure its status as a sought-after item among collectors. This note serves not only as a valuable asset but also as a tribute to the resilience and evolution of the U.S. financial system during a transformative era in its history.