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The 1929 $10 National Bank Note from Arcola, Illinois, charter number 2204, represents a significant piece of American numismatic history. This particular note is part of the National Bank Note series issued by the U.S. Treasury, which was designed to fulfill the need for currency in the United States during the early 20th century. National Bank Notes were issued by individual banks under the supervision of the U.S. Treasury, with each bank’s notes being backed by the bank’s own assets and authorized by the federal government. The Arcola, Illinois note is one of many issued during the era, yet it is a unique representation of the local banking system’s role in the broader national currency structure.
National Bank Notes were introduced in the 1860s as part of the National Banking Act, which sought to create a uniform national currency and stabilize the U.S. financial system. These notes were issued by national banks in towns and cities across the country, with the bank's name and charter number prominently displayed. The design of the notes remained relatively consistent, with changes being made periodically to improve security features or to reflect the period’s aesthetic. By the time the 1929 series was released, the U.S. Treasury had refined the design, creating a more modern and uniform look for all National Bank Notes.
The 1929 series was a milestone in U.S. currency design, as it was the first to feature a smaller, more compact size than previous issues. The new size, which measured 6.14 inches by 2.61 inches, was more convenient for handling and transportation. The redesign was part of a broader effort to streamline and simplify U.S. currency while increasing security features. The notes issued in 1929, including those from the Arcola National Bank, featured a portrait of Alexander Hamilton on the obverse, reflecting his role as the first Secretary of the Treasury. The reverse of the note typically displayed intricate patterns and the denomination, ensuring that it was easily identifiable and difficult to counterfeit.
The 1929 $10 National Bank Note from Arcola is significant not only for its historical value but also for its rarity. These notes were issued in limited numbers, and over time, many were either destroyed or have simply disappeared from circulation. As a result, surviving notes, particularly those in good to fine condition, are highly prized by collectors and often fetch premium prices. The Arcola, Illinois note is no exception, and its scarcity adds to its appeal. Furthermore, the note’s charter number—2204—links it to a specific national bank and reflects the role of this institution in the U.S. banking system during the early 20th century.
The condition of a currency note is a key factor in determining its value, and this Arcola $10 note is graded as VF, or Very Fine. This grade indicates that the note shows signs of moderate wear but still retains many of its original features and details. The note will exhibit some folding, creases, and possibly small tears, but these imperfections do not significantly detract from the overall appearance. The edges will be slightly worn, and the paper may have a bit of discoloration. However, the note’s design will still be clear, and the portrait of Alexander Hamilton on the front will be easily recognizable. In this grade, the note is considered to be in collectible condition, and it represents a rare find for those interested in numismatics and U.S. paper currency.
National Bank Notes like this 1929 $10 from Arcola, Illinois, are also valuable for their connection to local history. Each note is tied to the financial institutions that issued them and serves as a reminder of the banking landscape in America at the time. The Arcola National Bank was one of many local banks across the country that issued National Bank Notes during the late 19th and early 20th centuries. As a result, these notes offer collectors a glimpse into the economic conditions, regional banking systems, and financial practices of the time. The Arcola note is a tangible piece of this history and serves as a valuable artifact for collectors who seek to understand the broader context of U.S. currency and banking.
The Arcola $10 note was issued as part of the 1929 series, which was the last major release of National Bank Notes before the Federal Reserve Notes became the standard currency in the U.S. The 1929 series marked the transition to a new era in U.S. paper currency, and these notes are often seen as the last vestige of the National Bank Note system. While the Federal Reserve Notes were introduced in the early 20th century, it was not until the 1930s that they fully replaced National Bank Notes in circulation. As such, the 1929 $10 National Bank Note from Arcola, Illinois, serves as an important example of a transitional currency that bridges the gap between the old and the new systems of U.S. money.
The history of the Arcola National Bank itself adds to the value of this note. Founded in the late 19th century, the Arcola National Bank was a relatively small financial institution serving the local community in Arcola, Illinois. The bank’s role in the local economy during the period of the note’s issue reflects the broader patterns of small-town banking in the U.S. during the early 20th century. The presence of local banks was crucial in supporting economic growth, providing loans, and helping communities manage their finances. The notes issued by these banks, including the Arcola National Bank, were essential in ensuring the flow of currency within these local economies.
The 1929 $10 National Bank Note from Arcola, Illinois, is a rare and collectible piece of U.S. numismatic history. Its design, condition, and historical significance make it a valuable addition to any collection of U.S. paper money. The note’s tie to the Arcola National Bank, along with the historical context of the National Bank Note system, makes it an important artifact for collectors and historians alike. The note’s value is further enhanced by its scarcity, with only a limited number of these notes surviving today in collectible condition. As such, the 1929 $10 National Bank Note from Arcola, Illinois, is a highly sought-after piece for anyone interested in U.S. currency, banking history, or numismatics in general.