Choice Currency
1929 $ 20 ANGLO & LONDON PARIS NATIONAL BANK OF SAN FRANCISSCO CALIFORNIA PMG 20 # 163
Product Description
We are offering something new to our collectors. The 1929 National Bank Note Series.
This note is a $ 20 ANGLO & LONDON PARIS NATIONAL BANK OF SAN FRANCISCO, CALIFORNIA in another sale. It has low serial # A022163A. Their charter number was # 9174. It is the Type 1 series.
I am also offering a 1929 $ 10 ANGLO & LONDON PARIS NATIONAL BANK OF SAN FRANCISCO, CALIFORNIA in another sale. It has a low serial # E017655A. Their charter number was # 9174. It is the Type 1 series.
I am also offering a $ 20 ANGLO CALIFORNIA NATIONAL BANK OF SAN FRANCISCO, CALIFORNIA in another sale. It has a low serial # A036559. Please note, this note doesn’t’ have the block letter at the end of the serial number. This note is the RARER Type 2 series. This has the charter number of 9174 shown on the face of the note 4 times, not the regular 2 times and the name of the bank is different, even though it’s the same charter number of 9174.
So you can collect 3 notes in the series from this bank. Notice this is the same charter # of 9174, but the bank name is different.
In 1929, two types of small size National Bank Notes were issued. Type 1 notes were issued first and have the bank charter number overprinted twice in black. Type 2 are scarcer and have the charter number overprinted four times, twice in black and twice in brown.
What makes these so collectable? The fact that any bank from your home town could print them. So the fun part in collecting these notes are thousands of banks that are out there.
They are called National Bank Notes. National Bank Notes were issued by individual banks under federal charters and were backed by U.S. Bonds deposited with the Treasury.
The problem was that before the National Banking Acts, the US had a fragmented currency system with notes issued by various state-chartered banks, leading to inconsistencies and difficulties in transactions.
The Solution was the National Currency Act which established a national banking system. So now private banks could become national banks by purchasing U.S. Treasury bonds and depositing them with the government. In return, they were authorized to issue national bank notes, backed by the value of the bonds.
The impact on the economy was that National Bank Notes helped to stabilize the wartime economy, provide a reliable currency, and lay the foundation for the modern banking system.
