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The 1902 $5 National Bank Note from Matawan, NJ, Charter #6440, graded Fine (F), is an exceptional piece of American banking history. This note, issued during a transformative period in the U.S. financial system, provides a fascinating glimpse into the economic practices and regional banking institutions of the early 20th century. Its historical context, intricate design, minting specifics, and condition make it a valuable addition to any numismatic collection.
National Bank Notes were first introduced in 1863 following the National Banking Act, which aimed to create a stable national currency and establish a uniform system of banking. These notes were backed by U.S. government bonds and issued by nationally chartered banks. Each note bore the name of the issuing bank, creating a direct link between local banks and the federal government. The series of 1902 represents one of the later issuances of National Bank Notes, reflecting the continued importance of this system in the early 20th century.
The obverse of the 1902 $5 National Bank Note features a portrait of Benjamin Harrison, the 23rd President of the United States. Harrison's tenure from 1889 to 1893 is noted for his efforts to modernize the U.S. Navy and his support for the Sherman Antitrust Act. Above Harrison's portrait is the inscription "National Currency," and below it, the denomination "Five Dollars" is prominently displayed. The note also includes the name of the issuing bank, "The First National Bank of Matawan," along with its charter number, 6440, and the signatures of the bank's president and cashier. The design elements on the obverse are complemented by a decorative border and intricate scrollwork, adding to the note's visual appeal.
The reverse of the note showcases an image of the landing of the Pilgrims, symbolizing the beginning of American history and the pursuit of freedom. The scene is surrounded by ornate scrollwork and the inscriptions "United States of America" and "Five Dollars." This design element emphasizes the historical and cultural significance of the note, connecting it to the broader narrative of American history. The detailed engraving and balanced composition reflect the high standards of artistry and craftsmanship of the period.
The 1902 $5 National Bank Note from Matawan, NJ, was printed at the Bureau of Engraving and Printing (BEP), the federal agency responsible for the design and production of U.S. paper currency. The BEP, established in Washington, D.C., has a long history of producing high-quality currency that meets the rigorous standards set by the U.S. Treasury. The meticulous craftsmanship and attention to detail in the production of these notes are evident in their intricate designs and durable materials. The printing of these notes during the early 20th century reflects the economic growth and modernization of the United States.
The mintage of National Bank Notes varied by bank and series, with each bank issuing notes specific to its charter. The First National Bank of Matawan, chartered in 1902, played a significant role in the local economy of Matawan, New Jersey. The bank issued a limited number of notes, making surviving examples relatively rare. The scarcity of well-preserved notes from smaller banks like the First National Bank of Matawan adds to their desirability among collectors. This particular note, with its unique connection to a specific community and historical period, offers a tangible link to the local and national economic history.
The condition of this 1902 $5 National Bank Note is graded as Fine (F). In this grade, the note exhibits significant signs of circulation, including noticeable wear, creases, and folds. Despite these imperfections, the note retains its structural integrity, with all major design elements and inscriptions still visible. The Fine grade indicates that the note has been well-used but remains an important and collectible piece of currency history. The presence of the issuing bank's name and charter number, along with the signatures of the bank's officers, adds to its historical and numismatic value.
The appeal of the 1902 $5 National Bank Note from Matawan, NJ, Charter #6440, lies in its combination of historical significance, unique design features, and relative rarity. As a piece of currency from the early 20th century, it offers insights into the economic landscape of the time and the role of local banks in the national financial system. Its well-preserved condition further enhances its desirability, as such notes are difficult to find and highly valued for their historical context and visual appeal.
Owning a 1902 $5 National Bank Note from Matawan, NJ, Charter #6440, graded Fine, is not only an investment in American history but also an appreciation of the artistry and craftsmanship that went into its production. This note represents a period of significant economic growth and change in the United States, reflecting the government's efforts to ensure a stable and flexible monetary system through the National Banking System. Whether for its historical value, aesthetic appeal, or rarity, this note is a cherished addition to any collection of U.S. paper currency.
Collecting the 1902 $5 National Bank Note from Matawan, NJ, Charter #6440, offers an opportunity to own a piece of American monetary history and to appreciate the intricacies of currency design and production. Its preservation in Fine condition ensures that it remains a visually and historically significant artifact for generations to come, making it a prized possession for any numismatist or history enthusiast.