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The 1929 $10 National Bank Note from Hagerstown, Maryland, is a notable example of the small-size currency issued during the transition from large-size notes to the more compact bills that became standard for U.S. currency in 1929. This bill, issued by the First National Bank of Hagerstown, carries the Charter Number #1431, marking its unique place in the history of American banking and currency. National Bank Notes were a key part of the U.S. monetary system during the late 19th and early 20th centuries, and the 1929 series represented a significant shift in the design and size of American banknotes. The 1929 $10 National Bank Note from Hagerstown is one of many examples from this era, but it stands out due to its relatively low mintage and its historical connection to the banking practices of the time.
The design of the 1929 $10 National Bank Note reflects the standardized style that was introduced with the series of 1929. The obverse of the note features a portrait of Andrew Jackson, the seventh president of the United States, who was a popular figure on U.S. currency. Jackson’s image had been featured on the $20 bill for many years, and it was chosen again for this denomination due to his status as a prominent historical figure in American politics. On the reverse side of the note, the design includes the typical elements of the 1929 National Bank Notes, with the large denomination numeral in the center and the engraved names of the issuing bank and its charter number. The design was clean, direct, and functional, signaling the change from the ornate and larger notes that preceded it.
The $10 National Bank Note was issued by local banks across the country, with each note representing a specific institution. The Federal Reserve took charge of issuing notes under the National Banking Act of 1863, but individual banks were authorized to print notes with their own names and charter numbers. This particular note, issued by the First National Bank of Hagerstown, carries Charter #1431, making it a part of the bank's own financial legacy. The back of the note features the institution’s name and the name of Hagerstown, Maryland, further emphasizing the local nature of the banknote and the historical significance of the region. The use of local banks to issue currency was a hallmark of the U.S. banking system before the establishment of the Federal Reserve System.
Hagerstown, Maryland, was an important regional economic center during the early 20th century, serving as a hub for commerce and industry. The presence of the First National Bank in Hagerstown further solidified the city’s role in the regional economy. As one of the few institutions authorized to issue currency in this area, the bank’s notes, including the $10 note, became a part of everyday life for residents and businesses in the area. This connection to local commerce and financial practices makes the 1929 $10 National Bank Note from Hagerstown a fascinating artifact for collectors and historians alike.
The 1929 $10 National Bank Note from Hagerstown was printed at a time when the U.S. was experiencing significant changes in its financial infrastructure. The introduction of the Federal Reserve System in 1913 had created a more centralized system for issuing currency, but National Bank Notes remained in circulation until 1935. The 1929 series marked a transition in the country’s monetary policy, with a new, smaller note size and more standardized designs. These notes were the first to be printed in the new format, which was intended to be more efficient and practical for everyday use. The shift to smaller notes also reflected the growing importance of the Federal Reserve as the central institution overseeing the U.S. money supply.
In terms of mintage, the 1929 series was produced in relatively large quantities, as it was part of the regular issuance of currency by the U.S. government. However, the Hagerstown notes are considered relatively rare when compared to those issued by larger cities or more prominent financial institutions. The First National Bank of Hagerstown issued a smaller number of notes, making this particular note somewhat scarcer than others from larger cities. As a result, it is a sought-after piece among collectors of National Bank Notes and U.S. paper currency. The note’s relative scarcity, combined with its historical significance and appealing design, makes it a valuable item for numismatists and collectors.
The condition of the 1929 $10 National Bank Note from Hagerstown plays a key role in determining its market value. This particular note is graded Fine, which indicates that it has seen significant circulation but still retains many of its original features. In Fine condition, the note shows moderate wear, with the details of Jackson’s portrait and the surrounding design remaining visible, although somewhat worn. The paper will show creases, folds, and possibly small tears, but overall, it maintains its integrity and remains a collectible example of U.S. currency from this era. Notes in better condition, such as those in Very Fine or Uncirculated grades, would command higher premiums, while those in lower grades, such as Good or Very Good, would typically be priced lower.
Despite the wear, the 1929 $10 National Bank Note from Hagerstown retains its historical value. It represents a piece of American financial history, showcasing the transition from larger notes to the smaller, more practical notes used in modern times. As a part of a broader collection of National Bank Notes, it serves as a reminder of the banking practices and monetary policies of the late 19th and early 20th centuries. Collectors who specialize in National Bank Notes or U.S. paper currency will find the Hagerstown $10 note to be a key addition to their collection, offering both historical significance and rarity.
The 1929 $10 Federal Reserve Bank Note from Hagerstown, Maryland, Charter #1431, is a valuable artifact of American currency history. It provides insight into the regional banking practices of the time and reflects the evolving design and production methods of U.S. paper currency. The note’s historical context, rarity, and design make it a prized piece for collectors, with its Fine condition adding to its overall appeal. As the Federal Reserve System grew in prominence and influence, notes like this one became increasingly rare, marking the transition to the modern currency system that we use today. For those interested in U.S. paper money, the Hagerstown $10 note is a must-have piece that embodies both the history and evolution of American currency.