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The 1929 $20 National Bank Note from Riverside, New Jersey, Charter #12984, is a significant piece of American currency, both in terms of its historical context and its rarity in the numismatic world. The National Bank Notes were issued as part of the National Banking Act of 1863, which sought to create a uniform national currency backed by the U.S. Treasury. The 1929 series marked a transition in U.S. currency, as it was the last series to feature the title “National Bank Note” before the country moved to the Federal Reserve Note system. The 1929 $20 note from Riverside is part of a wave of national banknotes issued in the wake of the country’s financial needs during the 1920s, with the note serving as both a piece of currency and a historical marker from a tumultuous time in American history.
The design of the 1929 $20 National Bank Note is an excellent example of the aesthetic and security measures of its time. The obverse of the note prominently features a portrait of Andrew Jackson, the seventh president of the United States. Jackson, a controversial and powerful figure in American history, is depicted with his stern and commanding expression. His likeness on the $20 note was widely used throughout the National Bank Note series of this era, reflecting his significant role in the development of the country. The note’s intricate borders and detailed design elements, including the ornate scrollwork and patterns that surround the portrait, were created to discourage counterfeiting. Above Jackson's portrait are the words "The Riverside National Bank" and the denomination "Twenty Dollars," clearly identifying both the issuing bank and the value of the note. The charter number, #12984, is also printed on the front, linking the note to Riverside, New Jersey, and giving it a distinct history tied to that region.
On the reverse of the 1929 $20 National Bank Note, a vignette of the U.S. Treasury Building is featured prominently in the center. This image represents the federal government’s role in backing the currency and symbolizes the power and authority of the United States government in the regulation and issuance of money. Surrounding the vignette are ornate border designs that include the note’s denomination and the words “Twenty Dollars.” The reverse design reinforces the official and secure nature of the currency while providing a visual representation of the Treasury’s role in the national economy. The intricate details of both the front and back of the note reflect the period's attention to both functionality and artistry, as currency not only needed to serve as a medium of exchange but also needed to instill confidence in the nation’s financial system.
The 1929 $20 National Bank Notes, including those issued by the Riverside National Bank with charter #12984, were printed in relatively large numbers during the late 1920s, a time when the United States was experiencing economic growth, but also preparing for the challenges of the Great Depression. These notes were part of the broader series of currency that the government issued in an attempt to stabilize the banking system and create a more uniform national currency. While large numbers of these notes were printed, many were eventually redeemed and destroyed as part of the transition to Federal Reserve Notes after the banking reforms of the 1930s. The exact mintage for the Riverside National Bank notes is not definitively recorded, but it is known that several thousand notes were likely printed under Charter #12984. As a result, while the note is relatively common, it is still highly sought after by collectors due to its rarity in excellent condition and its historical significance.
The condition of the 1929 $20 National Bank Note from Riverside, New Jersey, Charter #12984 is graded as VF (Very Fine). This means that the note shows significant signs of wear from circulation but still retains much of its original design and clarity. A VF-grade note will typically exhibit some folds, creases, and light soiling, though the overall design elements, including the portrait of Andrew Jackson and the Treasury Building vignette, remain clearly visible. The note’s corners may be softened, and there could be slight discoloration or fading, but the key features of the note are intact. In terms of numismatic value, notes graded in Very Fine condition are generally considered to be well-preserved for their age, offering a good balance between rarity and affordability compared to notes in higher grades like Extremely Fine or Uncirculated. VF-grade notes are highly collectible, as they offer an excellent representation of the currency’s historical context while still being accessible for collectors who want to own a piece of U.S. financial history.
While the 1929 $20 National Bank Notes from Riverside, New Jersey, are not as rare as some of the lower denomination notes from the same series, their condition plays a significant role in their desirability. Notes in VF condition represent a compromise between scarcity and affordability, making them appealing to collectors who seek the historical significance of the note but are unable to afford the higher-grade examples. The Riverside National Bank, with its unique charter number, adds an additional layer of collectability, as notes issued by specific banks are often valued higher than those issued by others. The fact that the Riverside National Bank issued only a finite number of notes in the 1929 series means that even notes in VF condition are rare and valuable in the world of currency collecting.
The 1929 $20 National Bank Note from Riverside, Charter #12984, provides collectors and historians with an opportunity to connect with a pivotal moment in American currency history. These notes were issued during a time of relative economic prosperity but were also caught in the midst of growing tensions that would eventually lead to the Great Depression. The Riverside National Bank, like many other banks across the country, was part of the system that helped manage the nation's finances during this transitional period. As the U.S. government moved toward a more centralized banking system with the Federal Reserve, the 1929 National Bank Notes, including those from Riverside, became part of a soon-to-be obsolete currency system. Today, they serve as tangible reminders of the economic history and the evolution of the U.S. monetary system.
Collecting National Bank Notes like the 1929 $20 from Riverside offers a fascinating insight into American history, particularly in the context of the country’s financial evolution. These notes provide a snapshot of a time when the U.S. banking system was undergoing significant changes, and they serve as a connection to the past. The Riverside National Bank note, with its specific charter number and detailed design, encapsulates the larger narrative of the National Banking System and its role in stabilizing the nation’s economy. For collectors, owning a 1929 $20 note from Riverside is not just about the physical currency, but also about preserving a piece of U.S. financial history that reflects both the challenges and triumphs of the nation’s past.
In conclusion, the 1929 $20 National Bank Note from Riverside, New Jersey, Charter #12984, is an exceptional example of U.S. currency from a transitional period in American financial history. Its design, featuring the portrait of Andrew Jackson and the U.S. Treasury Building vignette, reflects the era’s commitment to both security and national pride. Despite its relatively large mintage, the Riverside note remains a valuable piece of currency due to its historical significance and its rarity in certain conditions. The VF-grade condition of this note makes it an accessible and valuable item for collectors, offering a tangible connection to the nation’s banking past and a reminder of the challenges faced by the U.S. economy in the early 20th century. As a piece of numismatic history, this note continues to be highly regarded by collectors and enthusiasts alike.