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The 1902 $10 National Banknote from Mayfield, KY, issued under Charter #2245, holds a significant place in the history of American currency. This note represents the era of National Banknotes, which were a result of the National Banking Act of 1863. The Act aimed to create a uniform national currency and establish a system of national banks that were regulated by the federal government. By 1902, the issuance of these notes was well-established, and they played a crucial role in the American financial system by providing a stable and reliable form of money backed by the U.S. government and the reserves of the issuing banks.
The design of the 1902 $10 National Banknote is both intricate and emblematic of the period. On the obverse side, the note features a prominent portrait of William McKinley, the 25th President of the United States. McKinley’s image is a symbol of economic growth and stability, reflecting his presidency’s focus on industrial expansion and monetary stability. The portrait is framed by elaborate scrollwork and floral patterns that add to the note’s aesthetic appeal. Above the portrait, the words “National Currency” are boldly displayed, emphasizing the note’s official status as legal tender.
To the left of McKinley’s portrait, the denomination “10” is prominently printed within an ornate border, ensuring that the note’s value is easily recognizable. The serial numbers, which are unique to each note, are printed twice on the obverse side, adding an element of security and traceability. Additionally, the charter number “2245” is clearly displayed, linking the note to its issuing bank in Mayfield, KY. This connection to the local bank highlights the regional significance of the note, as each National Banknote was issued by individual banks across the country under their specific charters.
The reverse side of the 1902 $10 National Banknote is equally detailed, featuring a vignette of the historic Panama Canal. The canal, completed in the early 20th century, symbolizes American ingenuity and the nation’s growing influence in global trade. The depiction of the canal, complete with ships and surrounding infrastructure, is rendered with remarkable precision, showcasing the high level of craftsmanship involved in the note’s production. This imagery serves to highlight the era’s spirit of progress and the technological advancements of the time.
The production of this note was carried out by the Bureau of Engraving and Printing, the official government agency responsible for producing U.S. currency. The Bureau’s stringent standards ensured that each note was made with high-quality materials and printing techniques. The paper used for these notes is a blend of cotton and linen, chosen for its durability and ability to withstand the wear and tear of circulation. This material choice ensures that even notes that have been in circulation for many years retain much of their original detail and structural integrity.
The mintage of the 1902 $10 National Banknote from Mayfield, KY, was relatively limited, making it a rare and valuable find for collectors today. Each note issued by the Mayfield National Bank carried significant local economic weight, reflecting the financial health and stability of the region it served. The specific details of the mintage, including the total number of notes issued under Charter #2245, contribute to the note’s historical significance and collectible value. Collectors often seek out these notes for their connection to specific regions and their representation of local banking history.
The condition of this particular 1902 $10 National Banknote is graded as Fine. In this grade, the note shows noticeable signs of circulation, including wear, creases, and possible minor tears. Despite these imperfections, the note retains its overall integrity, with key design elements and inscriptions still clearly visible. The portrait of William McKinley, the intricate scrollwork, and the depiction of the Panama Canal all remain discernible, allowing collectors to appreciate the craftsmanship and historical context of the note. The condition grading also provides insight into the note’s journey through time and its use in everyday transactions during its circulation period.
The 1902 $10 National Banknote from Mayfield, KY, encapsulates a rich history of American banking and currency. Its design elements, including the portrait of William McKinley and the depiction of the Panama Canal, reflect the era’s values and achievements. The limited mintage and regional significance further enhance its collectible value. Despite its Fine condition, the note’s historical and artistic merits make it a valuable asset for collectors and historians alike. This note is more than just currency; it is a tangible piece of the American financial narrative, bridging the past and present through its existence.
The intricate design, historical context, and regional significance of the 1902 $10 National Banknote from Mayfield, KY, make it a fascinating collectible. It represents an era 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 towards a unified and stable financial system. This note stands as a testament to the enduring legacy of the National Banknote era and its impact on the American monetary landscape.