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The 1902 $5 National Bank Note from Newark, New Jersey, with Charter #9912 and graded Fine (F), represents a significant piece of American financial history during a pivotal time in the nation’s economic development. Issued under the National Bank Act of 1863, this note was part of an effort to create a stable and uniform currency backed by U.S. government bonds. National Bank Notes played a vital role in the banking system of the United States, particularly during the economic fluctuations that characterized the late 19th and early 20th centuries.
The history of National Bank Notes begins with the need for a more reliable currency system following the Civil War. Before the enactment of the National Bank Act, the U.S. had a fragmented monetary system, with various banks issuing their own notes. The Act sought to address this chaos by establishing federally chartered banks that could issue currency backed by U.S. Treasury bonds. The Newark National Bank, chartered as #9912, was among the many institutions that embraced this new currency system, issuing $5 notes to provide a stable means of exchange for local commerce and beyond.
The design of the 1902 $5 National Bank Note reflects the artistry and craftsmanship of the Bureau of Engraving and Printing. The obverse features a prominent portrait of Ulysses S. Grant, the 18th President of the United States and a revered military leader. Grant’s image is centrally positioned, surrounded by intricate decorative elements that emphasize his significance. The denomination “Five Dollars” is prominently displayed, accompanied by the words “National Currency,” which clearly indicate the type of note. The inclusion of the charter number #9912 directly ties the note to the Newark National Bank, adding to its historical context.
On the reverse side, the design features a bold, stylized “5” at the center, flanked by elaborate ornamental patterns that enhance both the aesthetic appeal and security of the note. The reverse includes the phrase “This Note is Secured by United States Bonds,” which reassures the holder of the note’s backing by government securities. The green ink used on the reverse is characteristic of National Bank Notes, serving as both a visual identifier and a deterrent against counterfeiting. The combination of artistic design and secure features exemplifies the high standards maintained in U.S. currency production during this period.
Minted by the Bureau of Engraving and Printing, the 1902 $5 National Bank Note was produced on durable, high-quality paper designed to withstand circulation. The Bureau utilized advanced printing techniques of the time, ensuring that each note reflected the intricate artistry and precision expected from U.S. currency. The grade of Fine (F) indicates that this note has survived with some wear, displaying characteristics typical of its usage while still retaining legibility and some original detail, making it an appealing collectible.
The total mintage of the 1902 $5 National Bank Note series varies based on the issuing bank and demand. For the Newark National Bank, the specific figures can be challenging to pinpoint, but it is generally recognized that notes from this era are scarce, especially those linked to smaller or regional banks. The relative scarcity of such notes contributes to their desirability among collectors, particularly those focused on National Bank Notes.
Collecting National Bank Notes, such as the 1902 $5 from Newark, NJ, offers enthusiasts a unique insight into the economic and social history of the United States. These notes are not only functional currency but also historical artifacts that represent the evolution of the American banking system. They illustrate the efforts of the government to establish a trustworthy and stable monetary system in response to the challenges of the time.
Investing in the 1902 $5 National Bank Note Newark NJ Charter #9912 F provides both historical significance and potential financial appreciation. This note serves as a tangible link to a critical moment in American financial history, showcasing the resilience and innovation of the nation’s currency system. The intricate design and rich narrative surrounding its creation make it a valuable addition for collectors and history enthusiasts alike.
In conclusion, the 1902 $5 National Bank Note from Newark, NJ, Charter #9912, graded Fine (F), is a compelling blend of history, artistry, and investment potential. Its detailed design, historical context, and relative rarity ensure its status as a prized item among collectors. This note serves not only as a valuable asset but also as a tribute to the evolving landscape of the U.S. financial system during a transformative era in its history.