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- Product ID: 54720
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The 1902 $5 National Bank Note from Ellwood City, Pennsylvania, with Charter #4818, stands as a notable piece of American currency history. Issued under the National Banking Act of 1863, this note is part of a series that emerged in the post-Civil War era, reflecting the economic landscape and the banking needs of the growing nation. Ellwood City, known for its robust industrial activities, was an important regional hub during this time, and the establishment of local banks facilitated financial transactions for residents and businesses alike. This particular note serves not just as a medium of exchange but also as a historical document that encapsulates the spirit of its era.
Ellwood City’s establishment and subsequent growth were significantly influenced by the development of the steel industry in the late 19th century. By the early 1900s, the town had become a critical center for manufacturing and commerce. The Ellwood National Bank, chartered in 1864, played a vital role in supporting local industries and providing necessary banking services to the community. The introduction of National Bank Notes like the 1902 $5 note allowed for a standardized currency that facilitated trade and economic growth, marking a transition toward a more unified banking system across the United States.
The design of the 1902 $5 National Bank Note is emblematic of the artistic craftsmanship prevalent in American currency at the time. The obverse features a striking portrait of a young girl, often interpreted as a representation of "Liberty." This portrait is surrounded by intricate scrollwork and ornamental patterns that enhance the note's visual appeal. The denomination “Five Dollars” is prominently displayed, ensuring its value is immediately recognized. Such detailed engravings were not only a reflection of artistic sensibilities but also a practical measure to deter counterfeiting, which was a significant issue during the era of banknotes.
The reverse side of the note provides a more straightforward design, focusing on the bank's name and the denomination. It features a bold declaration of “Five Dollars” in large type, along with the Ellwood National Bank's name and Charter #4818. The design elements include additional decorative borders and patterns, which are consistent with the aesthetic choices of the time. This clarity and directness were intended to instill confidence in the note's legitimacy and usability in daily transactions.
As a collectible, the 1902 $5 National Bank Note from Ellwood City is relatively rare. The mintage of notes from smaller institutions like the Ellwood National Bank was often limited, and many examples did not survive in good condition. This particular note is graded as F12, or Fine 12, indicating that it has preserved a fair amount of its detail while showing signs of wear from circulation. Collectors often seek out notes in this condition due to their historical significance and visual charm, as they represent a tangible link to the economic practices of the early 20th century.
The historical importance of the 1902 $5 National Bank Note lies not only in its design and rarity but also in the context of its use. During this time, national banks provided essential services to local economies, facilitating the movement of money and supporting businesses. The establishment of the Federal Reserve System in 1913 would later reshape the banking landscape, but the notes issued by national banks like the Ellwood National Bank remain critical in understanding the evolution of currency in the United States.
For collectors and numismatists, the 1902 $5 National Bank Note offers a rich narrative intertwined with American history. The note's connection to the Ellwood National Bank, a local financial institution, exemplifies the role of community banks in fostering economic growth and stability during a time of significant change in the nation. Collectors are drawn to the intricate design, historical context, and relative rarity of these notes, making them valuable additions to any collection.
In conclusion, the 1902 $5 National Bank Note from Ellwood City, Pennsylvania, Charter #4818, is a remarkable artifact of American financial history. Its intricate design, connection to local banking, and relative scarcity emphasize its importance as a collectible item. This note not only serves as a medium of exchange but also as a historical representation of the economic and social fabric of early 20th-century America. As collectors continue to explore and preserve these pieces of history, the 1902 $5 National Bank Note stands out as a treasured relic from a transformative period in the nation’s economic development.