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The 1929 $20 National Bank Note from Pittsburgh, Pennsylvania, with Charter #13701 is an important example of early 20th-century American currency. These notes were issued as part of the National Bank Note series, which had been a staple of U.S. paper currency from the mid-1800s until the 1930s. The 1929 series marks a critical time in the history of U.S. currency as it transitioned from the larger, more ornate notes used in the 19th century to the smaller, more standardized bills that became the norm after 1929. National Bank Notes were issued by banks chartered by the U.S. government, and each banknote was backed by a specific bank’s assets. In this case, the note comes from the Pittsburgh National Bank, which was assigned Charter #13701, reflecting its status as a federally chartered bank operating in the city.
The design of the 1929 $20 National Bank Note is typical of the smaller-sized currency introduced in the 1929 series. The note features the iconic portrait of Andrew Jackson, the seventh President of the United States, who had been featured on the $20 bill since the late 19th century. Jackson's image is framed within an ornate border, surrounded by detailed engravings of various security features, including the U.S. Treasury Seal and the national bank seal of the Pittsburgh National Bank. The placement of Jackson’s portrait at the center of the bill, along with the intricate designs and flourishes that surround it, highlights the continuing tradition of including notable historical figures on U.S. paper currency. The denomination, $20, is prominently displayed in each corner of the note, and the text "The United States of America" is visible across the top, underscoring the note’s status as a legal tender issued by the U.S. government.
The reverse of the 1929 $20 National Bank Note displays the classic design elements common to the 1929 series, with the denomination again prominently featured in the center of the bill. The reverse design also includes various Latin inscriptions and additional security features meant to deter counterfeiting. The note’s reverse side, while less ornate than the front, is equally important in ensuring its recognition and acceptance as official currency. The reverse side of the note is also where the name of the issuing bank, Pittsburgh National Bank, and the bank's Charter #13701 are displayed, making it easy to identify the origin of the note and verifying its authenticity as part of the National Bank Note system. The 1929 series notes were produced on higher-quality paper and used advanced printing techniques that made them relatively secure for their time.
The Pittsburgh National Bank’s Charter #13701 represents a significant piece of history, as it was one of many banks that participated in the National Bank Note system. The bank, like others, was required to hold government bonds and make them available to redeem the notes for coinage or silver at face value. In the case of the Pittsburgh National Bank, this meant that the bank had to meet the obligations set by the U.S. Treasury in exchange for the right to issue paper currency. After the 1929 series was issued, the U.S. government transitioned away from the National Bank Note system, with the Federal Reserve system becoming the sole issuer of U.S. currency. This transition played a crucial role in the development of the modern U.S. monetary system, making the 1929 $20 National Bank Note an interesting artifact from a pivotal moment in U.S. history.
The 1929 $20 National Bank Note from Pittsburgh is considered a relatively common note in terms of its availability, as many were issued during the 1929 series. However, the condition of the note, especially one with specific features like the Charter #13701, is what drives its collectability. In this case, the note is described as having “VF” (Very Fine) condition, which suggests that it has been well-preserved for its age but shows signs of circulation. The note may exhibit some light creases, folds, or minor stains, but the overall design remains intact and legible. The “F” in the grade refers to the fact that there is a small tear, which adds to the note’s wear but doesn’t detract significantly from its historical value. Collectors often seek out notes with minor imperfections like these, as they provide a glimpse into the note’s history of use in commerce.
The mintage of the 1929 $20 National Bank Note from Pittsburgh is not as limited as other rarer issues, but this does not make it any less important or valuable to collectors. The exact mintage figures for the Pittsburgh National Bank’s $20 notes are not readily available, but the series as a whole saw the printing of millions of notes across the country. Despite its relatively high mintage, the note’s collectability and value are influenced by factors such as its condition, rarity, and historical significance. Notes from specific banks, especially those with low charter numbers or unique characteristics, can carry additional premiums in the marketplace.
The condition of the 1929 $20 National Bank Note from Pittsburgh, labeled as “VF” or Very Fine, indicates that the note is still in relatively good shape despite the passage of time and handling. A note in this condition will show some signs of wear, including creases and perhaps minor stains or discoloration. The “F” in this grade specifically indicates that the note has a small tear, which is common with currency that has been used in circulation for decades. However, despite these imperfections, the note remains highly collectible due to its rarity and historical significance. As with most collectible currency, collectors value well-preserved examples of the 1929 series, particularly when they come from iconic locations like Pittsburgh, which played a role in the nation’s financial history.
The 1929 $20 National Bank Note from Pittsburgh, with Charter #13701, stands as a testament to a pivotal period in American financial history. The design of the note reflects both the nation’s commitment to a stable and reliable currency system and its ongoing efforts to adapt to economic changes. This specific note, with its small tear and overall VF condition, is a valuable addition to any collection of U.S. currency and represents the end of an era for National Bank Notes. For collectors, the history behind these notes, along with the unique features of each issuing bank, makes them fascinating pieces to study and collect. The 1929 $20 National Bank Note from Pittsburgh is not just a piece of currency—it is a link to the nation’s past and a reminder of the economic transitions that shaped modern American monetary policy.