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The 1929 $10 National Banknote from Summit, New Jersey, bearing the Charter #5061 and graded as Fine, is a significant piece of American financial history. The National Bank Notes were an integral part of the National Banking System, which was established during the Civil War to create a unified national currency and ensure the stability of the banking system. These notes were issued by individual national banks and circulated widely, contributing to the economic fabric of their respective regions. The 1929 series, which includes this note, represents one of the last issues of National Bank Notes, marking the end of an era in U.S. currency.
The design of the 1929 $10 National Banknote is both elegant and historically rich. The obverse of the note features a detailed portrait of Alexander Hamilton, the first Secretary of the Treasury and a key figure in the establishment of the United States' financial system. Hamilton's portrait is framed by intricate scrollwork and the words "National Currency" and "United States of America." The bank's information, "The First National Bank of Summit," along with the charter number 5061, is prominently displayed to the left of the portrait, signifying the specific issuing institution. This local touch adds a layer of historical and regional significance to the note.
The reverse side of the note showcases an image of the U.S. Treasury Building, a symbol of financial stability and government authority. The Treasury Building is depicted with meticulous detail, representing the architectural grandeur and significance of the period. The surrounding elements include the denomination "Ten Dollars" and the words "National Currency," reinforcing the note's value and federal backing. The intricate design elements on both sides of the note highlight the craftsmanship involved in its creation and the emphasis on both security and aesthetic appeal.
The production of the 1929 $10 National Banknote was overseen by the Bureau of Engraving and Printing, the government agency responsible for producing all U.S. currency. The Bureau ensured that each note was crafted with precision and care. The paper used for these notes is a blend of cotton and linen, chosen for its durability and resistance to wear. The printing process involved multiple stages, including intaglio printing, which creates raised designs that can be felt by touch, adding an extra layer of security against counterfeiting. This meticulous production process ensured that the notes could withstand the rigors of circulation while maintaining their integrity.
The mintage of the 1929 $10 National Banknote from Summit, New Jersey, Charter #5061, reflects the broader economic conditions of the time. The issuance of these notes was part of the efforts to provide a stable and reliable currency during a period of significant economic change. The stock market crash of 1929 and the subsequent Great Depression created immense challenges for the American economy, and the role of National Banks in issuing currency was crucial in maintaining financial stability. Each note issued by the First National Bank of Summit carried significant local economic importance, reflecting the financial health and stability of the region it served.
The condition of this particular 1929 $10 National Banknote is graded as Fine. In this grade, the note shows moderate signs of circulation with some wear but retains a considerable amount of its original detail and integrity. The paper remains firm, though it may show signs of handling, such as light folds and slight discoloration. The design elements, including the intricate engravings and printed text, are still clear and legible, providing a vivid snapshot of the note's original appearance. Despite the wear, the note's historical and collectible value remains significant due to its age, rarity, and connection to a specific local bank.
The 1929 $10 National Banknote from Summit, New Jersey, encapsulates a rich history of American banking and currency. Its design elements, including the portrait of Alexander Hamilton and the depiction of the U.S. Treasury Building, reflect the values and achievements of the era. The limited mintage and regional significance further enhance its collectible value. Despite its Fine condition, the note's historical and artistic merits make it a valuable asset for collectors and historians. This note is more than just currency; it is a tangible piece of the American financial narrative, bridging the past and present through its existence.
The intricate design, historical context, and regional significance of the 1929 $10 National Banknote from Summit, New Jersey, make it a fascinating collectible. It represents an era 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.