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The 1929 $10 National Bank Note from Lancaster, Pennsylvania, Charter #3987 is a noteworthy piece of American currency history. This particular note belongs to the class of small-size National Bank Notes issued after the 1929 change in U.S. currency. National Bank Notes were issued by federally chartered banks and were backed by the U.S. Treasury, which provided confidence in their use across the country. The 1929 series, which included this $10 note, marked a shift from the larger notes previously in circulation. The 1929 series notes were part of a general redesign that included new denominations, and the notes were all smaller in size, making them more convenient for handling and use.
The history behind the National Bank Notes can be traced back to the National Banking Acts of 1863 and 1864, which aimed to create a more uniform and reliable currency in the United States. These acts allowed banks to issue notes backed by U.S. government bonds, creating a system of national currency that was more secure than previous forms of paper money. By the time the 1929 series notes were issued, National Bank Notes had become a common part of everyday transactions. The 1929 redesign, however, was intended to simplify the currency and make it more consistent with modern banking practices, as well as to reflect new security features.
The design of the 1929 $10 National Bank Note from Lancaster features several key elements that make it distinct. On the obverse, the central vignette depicts a portrait of Alexander Hamilton, the first Secretary of the Treasury. This image is a standard feature on many U.S. $10 notes, and Hamilton's role in the creation of the U.S. financial system has made his likeness a central figure on this denomination. The design of the obverse also includes the note’s denomination, along with the issuing bank's name and the national charter number. This specific note features Charter #3987, assigned to the Lancaster National Bank in Pennsylvania. The reverse of the note displays the standard design for the 1929 series, with a large, ornate $10 denomination surrounded by intricate scrollwork and a U.S. Treasury seal.
The 1929 $10 National Bank Notes were printed by the Bureau of Engraving and Printing and issued in limited quantities by individual banks across the country. Lancaster, PA, being a significant center of business in the state, was home to the Lancaster National Bank, which was assigned Charter #3987. As a result, the 1929 $10 note from this bank is considered a "charter note" and is particularly sought after by collectors. The issuance of these notes was part of the transition from the larger-sized currency to the smaller, more convenient notes that became the standard until the more modern designs were introduced in the 1950s. Given that these notes were issued by individual banks, each note was unique in that it was tied to a specific institution.
The mintage of the 1929 $10 National Bank Notes varied depending on the issuing bank, but the general circulation of such notes was widespread during the Great Depression era. However, due to the relatively high number of notes printed and the limited number that survived, these notes have become more difficult to find in good condition. The Lancaster note, in particular, is scarce in high grades, making it more valuable and appealing to collectors. The Federal Reserve Banks required individual banks to hold sufficient reserves to back the currency they issued, and the 1929 notes are a testament to the strength of the U.S. banking system during a turbulent period in American history. As a result, these notes hold historical value far beyond their nominal worth as currency.
The condition of the 1929 $10 National Bank Note from Lancaster is a key factor in determining its value. A note graded as Fine (F) typically shows moderate wear but retains clear details and is free from significant damage such as tears or heavy creases. The edges and corners of the note may exhibit some signs of rounding or softening, but the overall design remains clearly visible, and the note's appeal to collectors is still strong. For collectors of National Bank Notes, condition is paramount, as higher-quality notes are more sought after and command premium prices. Notes in better condition, such as those in Very Fine (VF) or Extremely Fine (XF) grades, can often sell for much higher prices than notes in lower grades.
The history and design of the 1929 $10 National Bank Note from Lancaster, PA, make it a significant piece of U.S. numismatic history. The note reflects the state of the American economy in the late 1920s and early 1930s, a time of great upheaval and economic instability, culminating in the Great Depression. The transition to smaller currency, represented by the 1929 series, was a response to the practical demands of modern commerce and transportation, as well as an attempt to prevent counterfeiting. The $10 denomination, with its prominent portrait of Alexander Hamilton, remains an important symbol of U.S. financial history and is an iconic part of American paper money design.
As with many other National Bank Notes, the 1929 $10 Federal Reserve Note from Lancaster, PA, has become an essential item for collectors of U.S. paper currency. The scarcity of notes in good condition, combined with the historical significance of the issuing bank and the overprinting of the "Federal Reserve" seal on the reverse, adds to the note's desirability among numismatists. Whether as a standalone collector's item or as part of a broader collection of National Bank Notes or U.S. currency from the Great Depression era, this note provides a valuable window into a pivotal period in American economic and banking history.
As the years pass and fewer of these notes remain in good condition, their value only continues to rise. Collectors who specialize in National Bank Notes, especially those with regional significance like the Lancaster $10, continue to actively seek out these rare and historical pieces. The design, coupled with the bank’s historical importance, makes this note one of the more desirable examples of U.S. paper money from the early 20th century. Its legacy as part of the larger National Bank Note series, and its association with the 1929 currency redesign, make it a staple for collectors and a valuable artifact from America’s financial past.