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The 1929 $10 National Banknote from Du Bois, Pennsylvania, Charter #7453, is a significant example of early 20th-century U.S. currency that provides insight into the era's financial systems and historical context. National Bank Notes, such as this one, were issued by private banks chartered by the U.S. government under the National Banking Act of 1863. These notes circulated alongside other forms of currency and were backed by the U.S. Treasury. The Du Bois note, issued in 1929, represents the last series of National Bank Notes before the United States shifted to the more modern Federal Reserve Notes. The 1929 $10 National Banknote from Du Bois is not just a piece of currency but a historical artifact that reflects the economic and social conditions of the time, especially as the nation grappled with the effects of the Great Depression.
The 1929 $10 National Banknote was issued by the First National Bank of Du Bois, Pennsylvania, under Charter #7453. Du Bois, a small city located in central Pennsylvania, had a burgeoning economy in the early 20th century, fueled by industries such as coal, lumber, and manufacturing. The First National Bank of Du Bois played an important role in facilitating the local economy, helping to stabilize financial transactions for businesses and individuals in the area. As with all national banks, the First National Bank of Du Bois was authorized to issue paper currency that was backed by U.S. government bonds, and this particular $10 note was part of the National Bank Note series released in 1929. The bank’s involvement in this series underscores Du Bois' participation in the broader national economy at the time, particularly during the economic struggles of the Great Depression.
The design of the 1929 $10 National Banknote from Du Bois follows the familiar style of the 1929 series. On the obverse, the portrait of Andrew Jackson, the seventh president of the United States, is featured prominently. Jackson, a key figure in early American history, is depicted in his classic pose, facing left, with his signature stern expression. Jackson's image on U.S. currency represents his leadership and controversial role in shaping the early direction of the country. The portrait is surrounded by the words “THE UNITED STATES OF AMERICA” and “TREASURER OF THE UNITED STATES,” along with the note’s denomination and serial numbers. The note also includes the Federal Reserve seal, which identifies the issuing district, and the signature of the bank's officer, affirming the authenticity of the note. On the reverse, the design is simple but bold, with a large “TEN” at the center and geometric patterns framing the note. The reverse also carries the words “UNITED STATES OF AMERICA” and “THE UNITED STATES TREASURY,” reinforcing the note’s legitimacy and connection to the U.S. government. The overall design of the 1929 $10 bill emphasizes the importance of national unity and economic strength.
The 1929 series of National Bank Notes, including this $10 note from Du Bois, marked a transition in U.S. currency. The U.S. Treasury decided to shrink the size of paper currency, leading to the production of the smaller notes we use today. This change was part of a broader effort to make currency easier to handle and more secure. At the same time, the design elements of the 1929 series were simplified and streamlined to make the notes more difficult to counterfeit. As part of this effort, the $10 note was produced with new security features, such as the use of green ink, which added a layer of protection against forgery. The shift to the 1929 series of notes occurred against the backdrop of the economic turmoil caused by the Great Depression, and this series of currency would eventually be phased out in favor of the Federal Reserve Notes introduced in 1934.
The mintage of the 1929 $10 National Banknote from Du Bois is relatively limited, as most notes produced during this time were issued in smaller quantities than in earlier periods. National Bank Notes were subject to a unique system in which each chartered bank was allowed to print its own notes, and the number of notes issued depended on the bank’s business needs. As a result, the notes issued by smaller banks like the First National Bank of Du Bois are rarer than those issued by larger, more prominent banks. The 1929 series itself was also printed in more limited quantities compared to earlier National Bank Notes, due in part to the increasing dominance of Federal Reserve Notes and the economic uncertainty brought about by the Great Depression. Fewer of these notes survived in good condition, and as a result, the 1929 $10 National Banknote from Du Bois has become a desirable piece for collectors, particularly for those interested in rare National Bank Notes or regional currency.
The condition of the 1929 $10 National Banknote from Du Bois plays an important role in determining its value. Coins and paper money are graded on a scale from “Good” to “Uncirculated,” with various intermediate grades such as “Very Fine” and “Fine” indicating the level of wear and tear. The 1929 $10 note from Du Bois typically comes in grades ranging from Fine to Very Fine. A Fine-grade note shows moderate wear, with visible folds, creases, and possibly some discoloration. The note’s design remains clear, but there may be signs of wear from circulation, such as slight fading or small tears at the edges. A Very Fine note will show less wear and retain sharper details, with fewer creases or folds. The highest grades, such as Extremely Fine or Uncirculated, are much rarer and are highly valued due to their near-pristine condition. Higher-grade notes are more difficult to find due to their age and the wear they would have sustained during circulation. Grading companies, such as PCGS and PMG, help provide an objective assessment of a note’s condition, ensuring its authenticity and preserving its value for collectors.
The 1929 $10 National Banknote from Du Bois, PA, Charter #7453, remains a valuable item for currency collectors. National Bank Notes from smaller cities such as Du Bois are particularly prized due to their rarity and limited mintage. The design of the note, featuring the iconic portrait of Andrew Jackson and the symbols of the U.S. Treasury, reflects the national pride and the authority of the U.S. government. The note’s historical significance, tied to the economic challenges of the Great Depression and the transition from National Bank Notes to Federal Reserve Notes, further adds to its value. Collectors and numismatists seeking to understand the evolution of U.S. currency and the role of smaller banks in the nation’s financial system will find this note an essential addition to their collection.
In conclusion, the 1929 $10 National Banknote from Du Bois, PA, Charter #7453, is a rare and historically significant piece of U.S. currency. Its design, which features the portrait of Andrew Jackson and reflects the economic and political climate of the time, makes it an important artifact of American financial history. The relatively low mintage of the note, combined with its historical context during the Great Depression and the eventual transition to Federal Reserve Notes, makes it highly desirable for collectors. The note’s condition, which can range from Fine to Very Fine, also influences its value, with higher-grade examples commanding a premium in the marketplace. As a rare piece of U.S. numismatics, the 1929 $10 National Banknote from Du Bois is a treasured collectible for those who appreciate the history of U.S. currency and the evolution of the nation’s financial system.