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The 1902 $20 National Bank Note from Phillipsburg, New Jersey, Charter #1239 is an important piece of American currency that reflects the financial landscape of the early 20th century. This note is a member of the 1902 series of National Bank Notes, which were issued by state-chartered banks across the United States under the authority of the National Banking Act of 1863. The National Banking Act was introduced to create a standardized, stable currency system for the United States, and these notes were issued by local banks that were chartered by the U.S. government. The 1902 series is especially significant because it represents a transitional period in American monetary history, just prior to the creation of the Federal Reserve in 1913. The Phillipsburg $20 note stands out due to its association with a specific regional bank, and it provides valuable insight into the banking practices of the time.
The design of the 1902 $20 National Bank Note from Phillipsburg reflects the standard layout used for National Bank Notes during this period, with a focus on security and symbolism. On the obverse, the central portrait features a figure of a woman, personifying “Electricity as the Dominant Force in the World.” This representation is a reflection of the Industrial Revolution and America’s growing influence in global markets during the early 20th century. The female allegorical figure holds a lighted torch in one hand and a gear in the other, symbolizing both progress and the nation's industrial might. The note's border and design elements are detailed and ornate, showcasing the artistry of U.S. currency production at the time. Surrounding the portrait are the words "THE UNITED STATES OF AMERICA" and “TWENTY DOLLARS,” which emphasize the denomination of the note. The reverse side of the bill prominently displays the large denomination “20” at the center, flanked by ornate design elements, along with the phrase “National Currency.” These design choices reflect the note’s purpose as a secure and legitimate form of currency issued by a federal bank, as well as the government’s effort to ensure the authenticity and integrity of U.S. paper money during a period when counterfeiting was a significant concern.
The 1902 $20 National Bank Note from Phillipsburg was issued by the Phillipsburg National Bank, identified by Charter #1239. The Phillipsburg National Bank was one of many banks across the United States authorized under the National Banking Act to issue currency on behalf of the federal government. The bank was located in Phillipsburg, New Jersey, a town with a strong industrial presence, especially in transportation and manufacturing. The presence of a National Bank in Phillipsburg enabled local businesses and residents to access a stable currency backed by the U.S. Treasury, and it contributed to the overall economic development of the area. The Phillipsburg National Bank, like other national banks, was required to hold a reserve of U.S. government bonds to back the currency it issued, further ensuring the stability and trustworthiness of the banknotes it circulated. This $20 note, issued by Charter #1239, is one of many that were produced as part of the broader National Bank Note system, which facilitated the growth of local economies and supported the country’s transition to a more centralized banking system.
The 1902 $20 National Bank Note was printed by the Bureau of Engraving and Printing, the U.S. government agency responsible for producing paper currency. The Bureau of Engraving and Printing employed advanced security features, including intricate engravings and watermarks, to ensure the legitimacy of the notes it produced. The 1902 series, which included this $20 note, introduced several design elements intended to make counterfeiting more difficult, including the use of a red seal. The red seal on this note, which is a distinguishing feature of the series, serves as a visual cue of the note’s authenticity. The red ink and distinct seal add an extra layer of security, ensuring that the currency was difficult to duplicate. As part of the broader effort to create a uniform and trustworthy currency system, the 1902 $20 note exemplifies the efforts made by the Bureau of Engraving and Printing to create secure, high-quality currency that could be trusted by both the U.S. government and the general public.
The mintage of the 1902 $20 National Bank Note from Phillipsburg, New Jersey, Charter #1239 is important because it directly impacts the rarity and desirability of the note in the numismatic market. National Bank Notes were printed in relatively small quantities compared to modern currency, and the Phillipsburg $20 note was no exception. While the exact mintage figures for this specific note are not readily available, it is known that National Bank Notes were issued in limited amounts based on the specific needs of each individual bank. As a result, many of these notes were either redeemed or destroyed over time, further limiting the number of surviving examples. The 1902 $20 note from Phillipsburg is particularly rare because of the relatively small size of the Phillipsburg National Bank and its specific charter. Collectors who focus on National Bank Notes, especially those from smaller banks, are often drawn to notes like this because of their scarcity and historical importance. The limited availability of these notes contributes to their high value in the marketplace.
The 1902 $20 National Bank Note from Phillipsburg, New Jersey, Charter #1239 is graded as Fine, which indicates that the note has experienced moderate wear and is in relatively good condition for its age. A Fine grade means the note shows signs of circulation, including creases, folds, and minor discoloration. However, the general design and important features, such as the portrait and the red seal, remain clearly visible. The overall appearance of the note may show wear, but the bill is still legible and recognizable, with no major tears or damage. Fine-grade notes are typically desirable to collectors because they offer a balance between historical preservation and affordability. While higher-grade notes may command a premium, Fine notes provide an accessible option for those who wish to own a piece of U.S. currency history without paying the premium associated with pristine examples.
The condition of the 1902 $20 National Bank Note in Fine condition makes it an attractive addition to any collection of U.S. paper money, particularly for collectors focused on National Bank Notes or those specializing in specific Federal Reserve Districts. Despite the moderate wear, the note retains much of its original design and craftsmanship, and its historical significance makes it a valuable piece of currency. Fine-grade notes like this one are often prized by collectors because they represent a piece of history that was used in circulation during a time of significant change in the U.S. banking system. For collectors who are looking to acquire an example of National Bank currency without the high costs associated with higher-grade specimens, the 1902 $20 note in Fine condition offers an excellent opportunity to own a rare and historically important item.
Collecting the 1902 $20 National Bank Note from Phillipsburg, New Jersey, Charter #1239 provides collectors with a unique opportunity to own a piece of U.S. history. National Bank Notes are especially valuable because they are tied to specific regional banks and serve as a tangible reminder of the early days of the American banking system. The note’s design, with the allegorical representation of electricity and the detailed portrait of Abraham Lincoln, speaks to the country’s evolving industrial power during the early 20th century. For numismatists, the 1902 $20 note from Phillipsburg is an important part of the broader history of U.S. paper currency and offers a connection to the financial and political systems of the time.
In conclusion, the 1902 $20 National Bank Note from Phillipsburg, New Jersey, Charter #1239 in Fine condition is a highly collectible and historically significant piece of U.S. currency. Its intricate design, connection to a specific Federal Reserve District, and status as a National Bank Note make it a valuable addition to any collection. Despite its moderate wear, the note remains a key artifact of early 20th-century American finance and serves as a reminder of the role local banks played in the country’s economic development. For collectors, this bill is an excellent example of U.S. paper money from a time of transition and growth in the nation's banking system, making it a prized item for any numismatic collection.