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The 1929 $10 National Banknote from Baltimore, Maryland, Charter #2499, is an important piece of U.S. currency that reflects the nation’s transition from traditional National Bank Notes to the more modern Federal Reserve Notes. Produced during the Great Depression era, this note represents a pivotal time in the United States' economic history. National Bank Notes, such as this one, were issued by individual banks across the country under the National Banking Act of 1863, which aimed to create a uniform national currency backed by U.S. Treasury bonds. The Baltimore National Banknote, with its distinctive design and relatively limited mintage, has become a valuable collectible for numismatists and those interested in the financial history of the United States.
The history of the 1929 $10 National Banknote begins with the passing of the National Banking Act of 1863, which allowed national banks to issue currency. These notes were backed by U.S. government bonds and were intended to create a more stable and unified national currency. Over the years, National Bank Notes were issued in various denominations, including the $10 note, which was one of the most widely circulated bills. The 1929 series of notes marked a major shift in U.S. currency design, transitioning from the large-size notes that had been in circulation since the late 19th century to the smaller, more modern-sized notes that we recognize today. The 1929 $10 note from Baltimore is part of this series and represents the end of an era for National Bank Notes, as the Federal Reserve System began to take over the responsibility of issuing currency in the early 20th century. Baltimore’s involvement in issuing this note highlights the city’s important role in the U.S. financial system during the period.
The design of the 1929 $10 National Banknote from Baltimore follows the typical layout for notes of the 1929 series. The obverse features a portrait of Andrew Jackson, the seventh president of the United States. Jackson, a significant figure in American history, is depicted with a stern expression, symbolizing his importance in shaping the early United States. The portrait is surrounded by the inscription “THE UNITED STATES OF AMERICA,” with “TREASURER OF THE UNITED STATES” and “SECRETARY OF THE TREASURY” on either side. The note’s design also includes the words “TEN DOLLARS” prominently displayed across the top, indicating the denomination, as well as the Federal Reserve Bank seal and serial numbers. The reverse of the note is simple yet bold, featuring a large “TEN” in the center with the words “UNITED STATES OF AMERICA” and “THE UNITED STATES TREASURY” on either side, framed by intricate geometric patterns that add visual interest. The reverse design emphasizes the note’s denomination and reinforces the strength and authority of the U.S. government, while the use of green ink adds a security feature that was harder to counterfeit.
The 1929 $10 National Banknote from Baltimore was issued by the Baltimore National Bank, Charter #2499, and is one of the many notes issued by individual national banks in cities across the United States. The Baltimore National Bank was one of the financial institutions that participated in issuing currency under the National Banking Act. Chartered in the 19th century, the bank played a significant role in the city’s economy and was part of the nationwide effort to provide a stable currency during a period of rapid economic growth. The bank’s involvement in issuing National Bank Notes made it an essential part of the broader banking system, and the notes it produced were widely circulated throughout the region. As part of the 1929 series, the $10 note from the Baltimore National Bank is a key piece of numismatic history that reflects the city’s central role in the U.S. financial system.
The mintage of the 1929 $10 National Banknote from Baltimore is relatively small compared to other U.S. currency, which makes it a rare and highly collectible note. While National Bank Notes were produced in large quantities, the 1929 series was issued during a period of economic uncertainty and financial upheaval. The country was experiencing the Great Depression, and the banking system was in crisis. As a result, the production of National Bank Notes declined, and many of the notes that were issued during this period were later withdrawn from circulation or destroyed. Consequently, the 1929 $10 National Banknote from Baltimore is a scarce item in the world of numismatics. The relatively low number of these notes that have survived, combined with the historical significance of the Great Depression, has made them highly desirable to collectors. Although the exact mintage figures for the 1929 $10 note from Baltimore are difficult to determine, the note’s rarity and importance in the context of American history contribute to its value in the marketplace.
The condition of the 1929 $10 National Banknote is a critical factor in determining its value. As with other pieces of currency, the grade of the note is based on its physical condition, with grades ranging from “Good” to “Uncirculated.” The 1929 $10 note from Baltimore is typically found in grades ranging from Fine (F) to Very Fine (VF), with notes in these grades showing moderate to light wear from circulation. In Fine condition, the note will show obvious signs of wear, such as creases, folds, and possibly some discoloration, but the overall design remains intact and legible. In Very Fine condition, the note will exhibit fewer signs of wear, with sharper details and fewer folds or creases. Higher-grade examples, such as those in Extremely Fine (EF) or Uncirculated (UNC) condition, are much rarer and can command significantly higher prices due to their superior condition. The 1929 $10 note from Baltimore in a high grade, particularly one that is graded as Gem Uncirculated, is highly sought after by collectors for its pristine condition and visual appeal.
The 1929 $10 National Banknote from Baltimore, MD, Charter #2499, is a key example of U.S. currency issued during a period of great change and economic hardship. The note not only reflects the history of the National Bank Note system but also represents the transition to the more modern Federal Reserve Note system. As one of the rare notes issued during the Great Depression, it holds historical significance for numismatists and collectors who appreciate the importance of this era in American financial history. The design, featuring Andrew Jackson and the intricate geometric patterns, reflects the timeless appeal of U.S. currency, while the note’s rarity, coupled with its historical context, makes it a prized collectible for enthusiasts of U.S. paper money.
In conclusion, the 1929 $10 National Banknote from Baltimore, MD, Charter #2499, is a rare and valuable piece of U.S. currency. Its historical significance, distinctive design, and relative scarcity make it a highly desirable item for collectors of National Bank Notes and U.S. paper currency in general. The note’s connection to the Great Depression and its place in the broader transition to Federal Reserve Notes make it a fascinating part of U.S. monetary history. Whether graded in Fine or Very Fine condition, or even higher, the 1929 $10 National Banknote from Baltimore stands as an enduring symbol of the resilience of the U.S. financial system during one of the nation’s most challenging times.