Serials #'s On 1929 Currency - Coin Community Forum

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Author	Replies: 7 / Views: 1,822
ghostrider Pillar of the Community United States 1116 Posts	Posted 03/31/2015 5:21 pm I have been following a thread concerning 1929 $5 and $20 bills that were issued by the National Bank of Far Rockaway NY and noticed something peculiar to their s/n's when compared to my 1929 $10 note issued by the FRB in Cleveland. The Far Rockaway notes each had a serial number consisting of A###### followed by space and then "9271" printed all with red ink and the 4 digit number printed in black along the short edge. However, my 1929 $10 note serial number is D########A and printed all in secession with no number printed along the short edge of the note. It just looks peculiar to me to see two different methods for printing serial numbers on 1929 currency. Is this usual and customary? Probably as you can tell I am new to currency collecting and I'm asking because it looks like the 1929 notes are somewhat substantially different. Report this Post to the Staff

WheatBack Pillar of the Community United States 2850 Posts	Posted 03/31/2015 6:26 pm What you have is a FRBN (Federal Reserve Bank Note) and not technically national currency. These were printed for each of the 12 federal reserve bank districts and back by that particular bank. Your note being Cleveland. National currency is backed by local banks through United States bonds that are deposited in the US Treasury and given a unique charter number by the US Government, which is the black overprint you see on the front of the bills posted in the other topic. National currency was issued in Type 1 and Type 2 varieties. The Far Rockaway notes you are referencing are Type 2 notes because of the charter number added in the serial number line. Type 1 notes will not have this in the serial, but the black overprint will still be present. Report this Post to the Staff
MeadowviewCollector Pillar of the Community United States 4409 Posts	Posted 03/31/2015 6:46 pm When the BEP was transitioning from large size to small size nationals, they realized they could stockpile paper with the central elements already printed. When a national bank placed an order, they created a plates with the title, signatures, and charter numbers. The BEP had the paper already on hand and used it when they printed FRBN's. Here's a Type 1 National Bank Note from my collection Report this Post to the Staff
ghostrider Pillar of the Community United States 1116 Posts	Posted 03/31/2015 9:49 pm Wheatback and Meadow thank you for the answers while they are clear I am still confused about the Type 1 and Type 2 variations. Can a National Bank like Far Rockaway have notes in each variety? Another question: State Banks would they be limited to the FRBN's or would they also have access to the National Notes? Looking back on the situation it seems ripe for abuse or counterfeiting. It's also to the say the least confusing to have two types of 1929 notes in circulation (nationals and frbn's). Report this Post to the Staff
MeadowviewCollector Pillar of the Community United States 4409 Posts	Posted 03/31/2015 11:24 pm Far Rockaway issued both Type 1 and Type 2 notes. Most national banks that issued small size notes were of the Type 1 variety. Some issued both Type 1 and Type 2 notes. Then, there were some that only issued Type 2, these were generally late chartering banks. The highest charter number is # 14,320 for a bank in Louisville, KY. State banks weren't able to issue currency unless they applied for a charter number and met the requirements set by the government. Here's a good article discussing FRBN's http://www.numismaticnews.net/artic...ve_bank_note . Edited by MeadowviewCollector 03/31/2015 11:24 pm Report this Post to the Staff
CelticKnot Bedrock of the Community United States 12813 Posts	Posted 04/01/2015 12:23 am MeadowView and WheatBack, your knowledge and collections are amazing. Thank you for the lessons, photos and inspiration. Report this Post to the Staff
MeadowviewCollector Pillar of the Community United States 4409 Posts	Posted 04/01/2015 12:57 pm Always happy to share my knowledge/understanding of nationals with others. -MV Report this Post to the Staff
WheatBack Pillar of the Community United States 2850 Posts	Posted 04/04/2015 3:10 pm My pleasure! I'm still learning as well, but I like to share the little knowledge I do have though. Report this Post to the Staff
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