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The 1902 $5 National Bank Note from Lebanon, Pennsylvania, issued under Charter #655, is a fascinating piece of early 20th-century American banking history. National Bank Notes were first authorized by the National Banking Act of 1863, which allowed individual banks to issue currency backed by U.S. government bonds. These notes were part of a broader effort to standardize currency in the United States during a time of financial instability and to promote trust in the nation’s banking system. The Lebanon, Pennsylvania National Bank, with its long-standing history, issued this note during the early 1900s, reflecting the economic vibrancy of the time. Graded VG (Very Good), this note shows signs of circulation but remains an important and collectible artifact.
The obverse of the 1902 $5 National Bank Note is characteristic of the design used on these notes during this period. At the center of the note is a striking portrait of Benjamin Harrison, the 23rd president of the United States, who served from 1889 to 1893. Harrison’s portrait is framed by elaborate scrollwork, giving the note an air of dignity and formality. To the left and right of Harrison’s portrait are large "5" numerals, denoting the denomination. The note also includes the bank’s name, "The Lebanon National Bank," prominently displayed beneath the heading "NATIONAL CURRENCY," as well as the bank’s charter number, "655," printed twice on the face of the note. The signatures of the bank’s cashier and president are also included on the obverse, along with the red serial numbers, which stand out against the monochrome background. Despite the wear associated with the VG grade, the details of the design remain clear, allowing collectors to appreciate the craftsmanship of the Bureau of Engraving and Printing.
The reverse of the 1902 $5 National Bank Note is much simpler than the obverse but still features the high-quality engraving typical of this era. The center of the reverse is dominated by the large denomination "5," surrounded by ornate scrollwork and geometric patterns. The denomination is spelled out as "FIVE DOLLARS" along the bottom edge, with "UNITED STATES OF AMERICA" printed boldly at the top. The intricate designs and use of green ink on the reverse were intended as anti-counterfeiting measures, a common feature in U.S. currency design at the time. Although this note is graded VG and shows signs of wear, the reverse remains legible, with the central elements of the design still intact and visually appealing.
The Lebanon National Bank, which issued this note under Charter #655, was a prominent financial institution in Lebanon, Pennsylvania, a town located in the southeastern part of the state. Lebanon’s economy in the early 20th century was largely driven by agriculture, manufacturing, and the iron industry, all of which played important roles in the town’s growth and prosperity. The bank issued National Bank Notes as part of the National Banking System, which required participating banks to deposit U.S. government bonds as collateral for the currency they issued. This system helped stabilize the banking sector and ensured that the notes were widely accepted across the country. The Lebanon National Bank, like many other banks of its time, played a critical role in providing financial services to local businesses and residents, supporting the economic development of the region.
The mintage of National Bank Notes varied depending on the size of the bank and the demand for currency in the area. Larger cities tended to issue more notes, while smaller towns like Lebanon had lower issuance numbers. This relative scarcity, combined with the fact that many National Bank Notes were redeemed and destroyed after they were withdrawn from circulation, makes surviving examples from smaller banks particularly valuable to collectors. The VG grade assigned to this note indicates that it has been in circulation and shows moderate wear, including folds and light edge wear. However, the overall structure of the note is still sound, and key design elements remain legible, making it an attractive piece for collectors interested in regional banknotes from this period.
National Bank Notes were eventually phased out following the establishment of the Federal Reserve System in 1913, which gradually replaced these notes with Federal Reserve Notes. By 1935, the issuance of National Bank Notes had ceased altogether, marking the end of an era in U.S. banking history. As a result, surviving National Bank Notes from the early 1900s have become increasingly rare and valuable. Collectors prize these notes not only for their historical significance but also for their connection to specific regions, banks, and economic periods in American history. Notes from smaller towns like Lebanon, Pennsylvania, are particularly sought after because they provide a glimpse into the local economies that helped shape the country during this time.
The 1902 $5 National Bank Note from Lebanon, Pennsylvania, Charter #655, graded VG, is a historically significant piece of U.S. paper currency. Its connection to the National Banking Era, combined with its regional importance, makes it a valuable addition to any collection of early American banknotes. Despite the wear associated with its grade, this note retains much of its original detail and continues to offer collectors a tangible link to a bygone era in U.S. financial history. As a representative of the Lebanon National Bank, this note is not only a collector’s item but also a piece of local history, reflecting the economic and social landscape of Lebanon in the early 20th century.