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The 1902 $5 National Bank Note from Gloucester, Massachusetts, is an important example of early American currency, particularly for collectors of U.S. paper money. National Bank Notes were issued by national banks in the United States from 1863 to 1935, following the National Banking Act, which was designed to help stabilize the nation's currency and banking system. The 1902 series of these notes was issued during a time of economic growth and development in the U.S., particularly in the early 20th century when the country was experiencing an industrial boom. This particular note, with the charter number #899, was issued by the Gloucester National Bank, a financial institution based in the coastal city of Gloucester, Massachusetts. As one of the relatively few remaining examples of these notes, this $5 bill holds significant value for collectors.
The design of the 1902 $5 National Bank Note reflects the typical aesthetic of early 20th-century American currency, which was heavily influenced by classical symbolism and ornate detailing. The front of the note prominently features a large central vignette, which shows a portrait of Ulysses S. Grant, the 18th President of the United States and a Union general during the Civil War. Grant's image was a popular choice for U.S. currency, as he represented strength, leadership, and national unity following the Civil War. Surrounding Grant’s portrait are intricate scrollwork and decorative borders that add to the note’s overall artistry and historical significance. The “National Currency” lettering appears at the top, indicating the type of note, while “Series of 1902” is included in the lower portion, designating the specific year of issue.
The reverse side of the 1902 $5 National Bank Note features a detailed vignette of a neoclassical allegorical scene, commonly referred to as the “Treasury Seal.” This design showcases an eagle perched atop a shield, with a banner in its beak reading "E Pluribus Unum" (“Out of many, one”). Below the eagle is an image of the U.S. Treasury building, symbolizing the nation’s financial strength. The reverse side also includes the denomination “Five Dollars” prominently displayed across the center and additional decorative elements framing the design. These features exemplify the grand, patriotic motifs that were often used on U.S. currency during the era, reinforcing the idea of national unity and pride.
Regarding the specifics of this particular note, it was issued by the Gloucester National Bank in Massachusetts. Established in 1865, this bank was one of many national banks that participated in the National Bank Note program, helping to stabilize and standardize the U.S. monetary system during the 19th and early 20th centuries. Bank notes like this $5 bill were legal tender and circulated alongside coins, serving as an important part of everyday commerce. Over time, many of these notes were redeemed, destroyed, or lost, making surviving examples increasingly rare. Gloucester’s bank, like others, would have been responsible for issuing currency in its designated region, often helping local businesses and residents with the convenience of paper money for transactions.
The 1902 series of National Bank Notes was issued in response to a need for more standardized and secure currency after the Civil War. As the economy grew, the U.S. government wanted to create a more stable and uniform currency that could be easily distributed and recognized across the nation. The 1902 series was the last major issue of National Bank Notes before the U.S. switched to the 1908 series, which introduced more modernized designs and security features. The 1902 notes, however, remain significant for their historical importance, as they represent the tail end of an era when banks were authorized to issue their own currency under the guidelines of the National Banking Act.
One of the key aspects of the 1902 $5 National Bank Note from Gloucester, MA, is its condition, which is graded as Fine (F). The Fine grade is commonly used for notes that show moderate wear, but retain a significant amount of detail. For a note of this age, being in Fine condition is remarkable, as it suggests the note was well-preserved despite its age and the fact that it likely spent a number of years in circulation. In this condition, the note would exhibit some folding, creases, and minor dirt, but the main design features, such as Grant’s portrait and the intricate vignettes on the reverse, would still be clearly visible. The paper may show slight discoloration or wear, but overall, the note would remain quite recognizable as a piece of currency from the early 1900s.
In terms of rarity, the 1902 $5 National Bank Note with charter number #899 from the Gloucester National Bank is considered a relatively scarce example. While the overall mintage of the 1902 series was high, many of these notes were redeemed or destroyed over the years, leaving only a small number of surviving specimens. Additionally, the Gloucester National Bank is one of the less frequently represented banks among collectors of National Bank Notes, further contributing to the note’s rarity. Notes from smaller or more regional banks tend to be less common in the marketplace, especially those that were issued for circulation during a time of great economic growth and change in the United States.
For collectors of U.S. paper currency, National Bank Notes like the 1902 $5 from Gloucester represent a fascinating era in American monetary history. They were a part of the broader shift towards a more centralized and standardized currency system, which culminated in the Federal Reserve system that would eventually issue the nation’s paper money. Collectors appreciate these notes not only for their historical significance but also for their design and craftsmanship. The fine details, including the portraits of historical figures and the symbolic representations of national strength, make these notes prized pieces for those interested in numismatics and U.S. history.
The 1902 $5 National Bank Note from Gloucester is a valuable piece of U.S. currency that holds importance for both collectors and historians. Its condition, design, and historical background make it a noteworthy example of early 20th-century American money. As the U.S. transitioned to a more modern and secure currency system, notes like these would become relics of a bygone era. For those who seek to build a collection of U.S. paper money or study the development of the American financial system, this particular note serves as a key piece that encapsulates a significant period in the nation's history.