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The 1902 $20 National Bank Note from Passaic, New Jersey, bearing the charter number 12205, is a fascinating artifact from the era of National Bank Notes, which played a significant role in American monetary history. National Bank Notes were issued between 1863 and 1935 as part of the National Banking Act, which sought to create a uniform national currency backed by U.S. government bonds. This $20 note, printed in 1902, was issued by the First National Bank of Passaic, New Jersey, during a period when national banks could issue currency bearing their own name, location, and charter number. These notes were intended to stabilize the U.S. banking system after the financial turmoil of the Civil War, providing a standardized and reliable currency for commerce across the country.
The obverse of the 1902 $20 National Bank Note features a portrait of Hugh McCulloch, who served as Secretary of the Treasury during two separate terms: from 1865 to 1869 under Presidents Abraham Lincoln and Andrew Johnson, and again in 1884 under President Chester A. Arthur. McCulloch was a key figure in the development of the National Banking System, making his inclusion on these notes highly appropriate. The design includes intricate engraving and detailed scrollwork, which adds to the note’s aesthetic appeal. In Fine (F) condition, this note shows signs of circulation, with some wear and folds typical of a well-preserved banknote from this period. Despite the wear, the central design elements, including McCulloch’s portrait, remain clear and well-defined.
The reverse of the note is characterized by an elaborate depiction of the U.S. Capitol Building, symbolizing the strength and authority of the federal government. The reverse design also includes the denomination "Twenty Dollars" prominently displayed in multiple locations, along with intricate geometric patterns that enhance the note’s visual complexity. In Fine condition, the reverse of this note retains much of its original detail, though it may exhibit some fading and wear consistent with its age and circulation history. Nevertheless, the Capitol Building and the other design elements remain legible, making this note an important historical piece with strong visual appeal.
This particular note was issued by the First National Bank of Passaic, New Jersey, which operated under charter number 12205. The charter number is prominently displayed on the note, along with the bank’s name and location. National Bank Notes were issued by thousands of local banks across the United States, each responsible for printing notes with its own identifying information. These notes were backed by the bank’s purchase of U.S. government bonds, which were deposited with the Treasury as security. This system ensured that National Bank Notes were widely accepted and trusted by the public, as they were guaranteed by the federal government. The notes were issued in various denominations, with the $20 note being a common denomination for larger transactions during this time.
The mintage of National Bank Notes varied widely depending on the size and financial stability of the issuing bank. The First National Bank of Passaic was one of many banks that participated in the National Banking System, and like many smaller institutions, its notes were produced in limited quantities. As a result, surviving examples of $20 notes from this bank are relatively scarce, making them highly collectible today. The survival rate for National Bank Notes is relatively low, as many were redeemed and destroyed after they were taken out of circulation. Therefore, finding a note in Fine condition is noteworthy, as it reflects the careful preservation of a piece of American banking history.
The 1902 $20 National Bank Note from Passaic, New Jersey, is an important piece of American financial history, representing a period when local banks played a crucial role in the issuance of currency. These notes are not only valuable for their historical significance but also for their unique design, which includes the name and location of the issuing bank, as well as a portrait of a prominent figure in American economic history. In Fine condition, this note offers collectors a tangible link to the past, preserving the legacy of the National Banking System and the role it played in shaping the modern American economy.
For collectors of banknotes or those with a particular interest in the history of U.S. currency, this 1902 $20 National Bank Note from Passaic, NJ, is a significant and valuable addition. Its historical context, combined with its detailed design and connection to a specific local bank, makes it a fascinating collectible that offers a window into the financial system of the early 20th century. Whether valued for its rarity, its design, or its place in American history, this note is a prized piece for any collection of U.S. currency.