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- Product ID: 19916
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The 1929 $10 National Banknote from Passaic, New Jersey, bearing Charter #12205 and graded as Very Fine (VF), represents a significant chapter in American numismatic history. National Banknotes were introduced under the National Banking Act of 1863, a crucial piece of legislation designed to stabilize the nation's currency during a time of economic upheaval. These notes were issued by national banks that were chartered by the federal government, providing a uniform currency that was backed by U.S. government bonds. The 1929 series marks the last issuance of National Banknotes, making them a vital artifact from the era leading up to the Great Depression, a period of profound economic transformation in the United States.
The design of the 1929 $10 National Banknote is emblematic of the era and showcases the intricate artistry of American currency design. The obverse of the note features a portrait of Alexander Hamilton, the first Secretary of the Treasury and one of the founding fathers of the United States. Hamilton’s likeness is set within an ornate frame, surrounded by elaborate scrollwork and the inscriptions "National Currency" and "United States of America." The name of the issuing bank, "The Passaic National Bank and Trust Company of Passaic," along with the charter number 12205, is prominently displayed, emphasizing the note’s local significance and the essential role played by regional banks in their communities.
The reverse side of the note is equally detailed, featuring a vignette of the U.S. Treasury building, symbolizing the strength and stability of the federal government. This side also includes intricate designs and flourishes, with the denomination "Ten Dollars" prominently featured. The meticulous engraving on both sides of the note highlights the high level of craftsmanship and artistry involved in its production. These design elements not only serve an aesthetic purpose but also function as security features to prevent counterfeiting, which was a constant concern in the issuance of currency during this period.
The production of the 1929 $10 National Banknote was overseen by the Bureau of Engraving and Printing, the official printer of U.S. currency. The process involved several stages, including intaglio printing, which creates raised designs that can be felt by touch, providing a layer of security against counterfeiting. The paper used for these notes is a blend of cotton and linen, chosen for its durability and resistance to wear. This careful attention to detail ensured that the notes could endure the demands of circulation while maintaining their visual and structural integrity over time.
The mintage of the 1929 $10 National Banknote from Passaic, New Jersey, Charter #12205, reflects the economic conditions of the time and the significant role of the Passaic National Bank and Trust Company in supporting the local economy. National banks were authorized to issue currency based on their capital and deposits, meaning that the amount of currency issued was a direct reflection of the bank’s financial health and the economic vitality of the local community. These notes were used for everyday transactions, making them an integral part of the local economy. The limited issuance of notes from specific banks adds to their rarity and collectible value today.
The condition of this particular 1929 $10 National Banknote is graded as Very Fine (VF). In this grade, the note exhibits moderate signs of circulation with noticeable wear, but it retains enough detail to be identifiable and legible. The paper may show signs of handling such as folds, creases, and some discoloration, but the design elements, including the engravings and printed text, remain sufficiently clear to preserve the note’s historical and artistic value. The VF grade indicates that while the note has seen significant use, it still retains its fundamental integrity and appeal to collectors and numismatists.
The 1929 $10 National Banknote from Passaic, New Jersey, encapsulates a rich narrative of American banking and currency. Its design elements, featuring Alexander Hamilton and the U.S. Treasury building, reflect the values and achievements of the period. The limited mintage and regional significance enhance its collectible value, making it a sought-after piece for collectors and historians alike. The note’s historical and artistic merits make it a valuable asset, offering a tangible connection to the past and a deeper understanding of the nation’s financial evolution and the role of regional banks in fostering economic growth and stability.
The intricate design, historical context, and regional significance of the 1929 $10 National Banknote from Passaic, New Jersey, make it a fascinating collectible. It represents a period of economic transformation and progress, encapsulated in a beautifully crafted piece of currency. For collectors, owning such a note is an opportunity to preserve and appreciate a tangible piece of American history, reflecting the nation’s journey toward a unified and stable financial system. This note stands as a testament to the enduring legacy of the National Banking System and its impact on the American monetary landscape.