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The 1929 $10 National Bank Note from Arenzville, Illinois, with Charter Number 9183, is a significant piece of U.S. paper currency history. National Bank Notes were issued by chartered banks in the U.S. from 1863 to 1935. These notes were backed by U.S. government bonds, which made them a safe and reliable form of currency during the 19th and early 20th centuries. The 1929 series marked the final iteration of National Bank Notes before the government transitioned to Federal Reserve Notes. The specific $10 note from Arenzville is part of this final issue and is a rare and highly sought-after item among collectors, particularly those interested in regional notes from smaller towns and banks.
The design of the 1929 $10 National Bank Note, including the one from Arenzville, follows the general layout of the 1929 series of National Bank Notes, which was known as the "small size" series. The most notable change in the design of the 1929 notes was their smaller size compared to previous issues. This was part of a broader effort to standardize the size of U.S. currency for more efficient handling and storage. The front of the note features a portrait of Alexander Hamilton, the first Secretary of the Treasury, which was a standard design for $10 notes throughout much of the late 19th and early 20th centuries. This portrait is situated in the center, with ornate scrollwork and the serial numbers on either side. The back of the note features a series of green patterns and the words “The United States of America” at the top, with “Ten Dollars” clearly printed in the center. A distinct feature of the back is the large “Ten Dollars” note in the middle of the reverse side, flanked by other security elements designed to deter counterfeiting.
The Arenzville $10 National Bank Note was issued by the First National Bank of Arenzville, which operated under Charter Number 9183. The town of Arenzville, located in central Illinois, was a small agricultural community during the early 20th century, and its bank served local residents and businesses. The issuance of National Bank Notes like this one was part of the broader banking system created under the National Bank Act of 1863, which sought to establish a uniform and reliable system of currency across the country. This act allowed banks to issue their own paper currency, but they had to hold U.S. government bonds as collateral for the notes they issued. The $10 note from Arenzville, as with other National Bank Notes, was backed by such government bonds, which gave it a certain degree of trustworthiness and stability in an era when banks and currency were not as regulated as they are today. Over time, the demand for National Bank Notes grew as the U.S. economy expanded, and these notes became an essential part of the currency supply.
The minting and printing of the 1929 $10 National Bank Note involved a complex process at the U.S. Treasury Department’s Bureau of Engraving and Printing. The Bureau of Engraving and Printing was responsible for producing U.S. paper currency, and it employed intricate security features and specialized techniques to ensure the quality and authenticity of the notes. The 1929 series incorporated a variety of security elements, including watermarks, color-shifting inks, and fine-line engraving to prevent counterfeiting. The notes were printed on special paper, which was embedded with security threads to add another layer of protection. The printing process for the Arenzville note was similar to that used for other National Bank Notes, although each note was uniquely identified by its serial numbers and charter information.
The mintage of the 1929 $10 National Bank Note from Arenzville, IL, is relatively low compared to larger cities, making it a rare and desirable item for collectors. National Bank Notes were issued by banks across the United States, with each bank being assigned a unique charter number. The issuance of these notes was subject to the amount of demand for currency, and many smaller banks, such as the one in Arenzville, issued only a limited quantity of notes. As a result, notes from smaller towns like Arenzville are often considered more valuable than those from larger cities, due to their rarity and limited circulation. The specific $10 note from Arenzville is particularly valuable to collectors of Illinois currency or those who focus on National Bank Notes from small, local banks.
The condition of the 1929 $10 National Bank Note from Arenzville, graded as VF (Very Fine), indicates that the note has seen some wear and circulation, but still maintains a high level of detail. In this grade, the note is well-preserved, with only light to moderate signs of handling. The edges may be slightly worn, and there may be some minor folds or creases, but the overall design remains sharp and legible. The portrait of Alexander Hamilton retains its clarity, and the security features and text on the note remain easily readable. While not as pristine as an uncirculated note, a VF grade is still considered quite good for a note of this age, especially given that it has likely been in circulation for many decades. Notes in this condition are highly sought after by collectors, particularly those who specialize in National Bank Notes or regional issues from specific states and towns.
Overall, the 1929 $10 Federal Reserve Note from Arenzville, Illinois, is an important piece of U.S. currency history. It represents a period of transition in the U.S. banking system, as the country was moving from the issuance of National Bank Notes to the adoption of Federal Reserve Notes. This note provides a glimpse into the economic life of a small Illinois town during the early 20th century and reflects the broader economic trends of the time. With its well-preserved condition and historical significance, the 1929 $10 National Bank Note from Arenzville is a prized item for collectors, and its value will likely continue to increase as interest in U.S. paper currency and National Bank Notes grows.