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The 1929 Type 2 $5 National Bank Note from Forrest City, Arkansas, Charter #13637 is a significant piece of U.S. currency history. Issued as part of the National Currency series during the Great Depression, these notes were intended to provide a stable and reliable currency at a time when the U.S. was struggling with economic uncertainty. The $5 note from Forrest City is especially notable because of its rarity, as only a limited number of these notes were issued by the bank. As a Type 2 note, it represents a specific design style within the National Bank Note series that features both intricate details and a sense of historical importance for currency collectors. The 1929 issue marks a time of transition in U.S. currency design, and this note is a prime example of that shift.
The history behind the 1929 $5 National Bank Note is rooted in the broader context of the National Banking Act of 1863, which was designed to establish a national banking system and standardize the currency of the United States. By the time the 1929 series was issued, the United States was recovering from the turmoil of the Great Depression. These notes were issued by individual banks chartered by the U.S. Treasury, such as the Forrest City National Bank in Arkansas, which was given the Charter #13637. These notes were used as legal tender and were backed by the U.S. government, offering reassurance to citizens that their currency would retain value. The notes served as a key tool in stabilizing the U.S. economy during one of the most challenging periods in the country's history.
The design of the 1929 Type 2 $5 National Bank Note is distinct and features elements that reflect the growing shift in currency design at the time. The obverse of the note features a portrait of President Abraham Lincoln, who is depicted with a solemn expression. Lincoln’s portrait was used on U.S. currency for decades, and his image became a symbol of stability and leadership during a time of national crisis. His likeness on the $5 note connects the currency to an earlier period of U.S. history, while also signaling continuity in the country’s leadership. The reverse of the note features the words "The United States of America" along with intricate scrollwork and a large "5" in the center, representing the denomination. The design of the 1929 notes was smaller than earlier issues, reflecting a shift in currency production and design.
The 1929 $5 National Bank Note is part of the Type 2 series, which was a slight modification from the earlier Type 1 series of 1929 notes. The main difference between the two is the positioning of the Treasury Seal and the serial numbers. Type 2 notes, such as this one, have a more centralized design with the Treasury Seal and serial numbers placed at the left and right sides, respectively. This adjustment to the design was made to improve the aesthetic appeal and functionality of the notes, making them easier to authenticate and harder to counterfeit. The shift to the Type 2 design marked a refinement of the National Currency Series, and these notes are often highly sought after by collectors of U.S. currency due to their distinctive design and historical importance.
The Forrest City National Bank issued a relatively small number of these notes. As with all National Bank Notes, the issuance was regulated by the federal government, and each individual bank was required to obtain a charter to issue notes. The Forrest City National Bank, designated as Charter #13637, issued this $5 note during the 1929 series, which was part of a broader effort to stabilize the U.S. currency. The exact mintage figures for this specific note are not readily available, but it is understood that only a limited number of notes were issued by each individual bank, especially in smaller communities like Forrest City. Consequently, surviving examples of these notes are rare and can command significant premiums in the numismatic market, particularly in higher grades.
As with any collectible currency, the condition of the 1929 Type 2 $5 National Bank Note plays a crucial role in determining its value. This specific note is graded as Fine, which indicates that it has been moderately circulated and shows signs of wear and handling. Notes in Fine condition typically display noticeable folds, creases, and possibly some discoloration, but they retain most of their original details and are still recognizable as legitimate currency. The color of the note will be somewhat faded, but the images and text will remain legible. Despite its wear, a Fine grade for this note indicates that it is in relatively good condition for its age, and it remains an appealing piece for collectors of U.S. currency.
The $5 Federal Reserve Note from 1929 is highly collectible due to its historical significance and relatively low mintage. Collectors of U.S. paper money, particularly those focused on National Bank Notes, find these types of notes appealing because they represent a tangible connection to a specific moment in U.S. history. This note, issued during the Great Depression, symbolizes the efforts of the federal government to stabilize the economy and provide confidence in the national financial system. The Forrest City note, with its unique Charter #13637, is a particularly interesting example of a regional issue that is not as common as notes from larger cities like New York or Chicago.
Notes like the 1929 $5 Federal Reserve Note from Forrest City also appeal to collectors interested in the different types of banknotes that were issued by banks across the United States. Each note was tied to a specific bank, and each bank's notes were marked with its unique charter number. As a result, collectors often seek out specific charter numbers to complete their collections, and notes like this one from Forrest City are especially prized for their regional significance. The smaller banks, in particular, have fewer surviving notes, making those from banks like the Forrest City National Bank all the more valuable and collectible.
In summary, the 1929 Type 2 $5 National Bank Note from Forrest City, Arkansas, Charter #13637, is a valuable and historically significant piece of U.S. currency. It reflects a time of great economic uncertainty in the United States, following the stock market crash of 1929 and the onset of the Great Depression. The note's design, featuring President Abraham Lincoln's portrait and intricate decorative elements, is typical of the era's currency. Its rarity, due to the limited issuance of notes from the Forrest City National Bank, and its relatively good condition, make it a desirable item for collectors. As an example of the Type 2 design within the National Currency series, it holds an important place in the history of U.S. paper money and continues to be of great interest to numismatists and collectors alike.