| Author |
 Replies: 10 / Views: 2,451 |
|
|
Pillar of the Community
United States
2637 Posts |
Was visiting the LCS and they had a $50 brown seal series of 1929 National Bank Note issued by the Federal Reserve Bank of Kansas City. Since Federal Reserve Notes date back to 1914, why would a Federal Reserve Bank issue a National Bank Note instead of a Federal Reserve Note?
|
|
|
|
Bedrock of the Community
United States
94367 Posts |
The FRBN notes of 1929 were thought to be an emergency need at the time, and were printed for efficiency on existing, slightly modified, blank National Bank Note stocks to avoid the time delay in designing a new note. Turned out they were not needed at the time and were not released until 1933.
|
|
Pillar of the Community
 United States
2637 Posts |
Thank you. Do you know of anything I could read about this?
|
|
Pillar of the Community
United States
1748 Posts |
The notes were printed from existing National Bank Note stocks for the reopening of banks after the Bank Holiday of 1933. They were quickly overprinted and shipped out to ensure that if the bank runs continued, people would still get their money. Since the government guaranteed people would get their money by the production of these notes, the runs stopped and deposits flowed back into the banks. The notes went fairly unused till World War II when the Treasury used them to augment cash in circulation. https://www.federalreservehistory.o...-act-of-1933Edited by DoubleEagle20
01/23/2023 01:50 am
|
|
Pillar of the Community
United States
4692 Posts |
They seem to be somewhat of an ugly duckling. I consider them undervalued due to lack of popularity.
|
|
Pillar of the Community
United States
4637 Posts |
Probably the most misleading and misunderstood small-size note, especially for new collectors. It's says "National Currency" at the top center, it has a brown seal which is shared with Emergency Issued notes (Hawaiian) and small-sized National Bank notes and it also has four signatures. Mr.Frog has many stellar examples. Maybe he'll share some photos.
|
|
Pillar of the Community
United States
1748 Posts |
I love them. They are chocked full of Great Depression history. Their origin lies within the inpending failures of two large banks, First National Bank of Detroit and Guardian National Bank of Commerce of Detroit. Michigan was the first state to declare a banking holiday in early 1933, which then evolved into a national one, followed by the Emergency Banking Act of 1933 which established these notes. On a side note, the remnants of FNB of Detroit and Guardian National eventually became National Bank of Detroit, via infusions of government and General Motors money. http://www.historygrandrapids.org/a...e-and-henry-The signature of the cashier on the Federal Reserve Bank of Philadelphia's notes is amazing. Reminds me of Spinner's signature on old horse blankets and fractionals. Dallas and SF notes seem to be the most expensive to obtain, as I am still chasing one from each of those FRBs. . Edited by DoubleEagle20
01/23/2023 03:59 am
|
|
Valued Member
United States
104 Posts |
According to my book there are no.
$5
Richmond
$50
Boston
Philadelphia
Atlanta
St. Louis
Richmond
$100
Boston
Philadelphia
Atlanta
St. Louis
San Francisco
Edited by ghonk
01/23/2023 04:41 am
|
|
Pillar of the Community
United States
824 Posts |
So the newbies get a visual on what we're talking about, here's one from my collection. I think I picked this up for $20 at a local coin store some years back because I thought the brown seal was interesting.  |
|
Moderator
 United States
15459 Posts |
Fascinating topic. As a newcomer to currency collecting I had no idea these existed. Thanks to all for the mini education.  |
|
Moderator
United States
188952 Posts |
Quote:
So the newbies get a visual on what we're talking about, here's one from my collection. Nice example! |
| |
Replies: 10 / Views: 2,451 |
|
Posted 07/12/2022 10:14 pm
