National Bank Notes

On February 25th, 1863 Abraham Lincoln signed legislation entitled “An Act to provide a National Currency, secured by a Pledge of United States Stocks, and to provide for the Circulation and Redemption thereof,” it later became known as the National Currency Act. The requirements form achieving national bank status changed during the note issuing period, but one feature remained constant throughout the note-issuing era: The value of the notes which a national bank could circulate was directly related to the value of interest bearing bonds or other securities it deposited with the Treasurer of the United States.

$5 Note The First National Bank of Farragut Iowa is from Fremont County, which is located in the southwest corner of the state. When my reference book was printed in 2008 there was five small size notes known to exist. At the time they were printed there were 355 small size $5 notes, 178 small size $10 notes, and 54 small size $20 notes printed with this banks name on it, so to have 1 out of 587 original and only 5 known to still exist is a good thing. This note is price at

$1000.

$10 Note

The First National Bank of Shannon City Iowa is from Union County, which is located in the middle southern part of the state. There are only 9 small size notes known to exist from this bank. They only printed $10 and $20 notes but had 2 different types of each of those, the difference would be on the back of the note on the type 1 notes there is a picture of the Lincoln Memorial on them and on the type 2 notes they have the U.S. Treasury on them. This particular note is a type 2 and is valued at $450

As always we have many new coins come in to the store, so if you are looking for that certain type coin, stop in and take a look at the latest arrivals. You can also check our here to see the new arrivals and over 1500 coins and currency that you can purchase with free shipping.

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