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The 1902 $5 National Bank Note from Parksley, Virginia, issued under Charter #6246, is a fascinating piece of American banking history. National Bank Notes were introduced during the National Banking Era, which began with the National Banking Act of 1863. This system allowed banks to issue their own currency, backed by U.S. government bonds, as a way to stabilize the country’s financial system and create a uniform national currency. The 1902 $5 note is part of the "Series of 1902," which was a common issue among national banks during the early 20th century. This particular note from Parksley, Virginia, has been graded VG (Very Good), indicating it has seen circulation but remains in a collectible condition with moderate wear.
The obverse of the 1902 $5 National Bank Note features an elaborate design typical of the era, combining classical American iconography with intricate patterns. At the center of the note is a portrait of Benjamin Harrison, the 23rd president of the United States, who served from 1889 to 1893. Harrison’s image is enclosed within an oval frame, surrounded by ornamental scrollwork. To the left and right of the portrait are large "5" numerals, denoting the denomination of the note. Above Harrison’s portrait is the heading "NATIONAL CURRENCY," with the name of the issuing bank, "The First National Bank of Parksley," prominently displayed below. The bank’s charter number, "6246," is printed twice, once on each side of the note. The signatures of the bank’s cashier and president are printed near the bottom, while the serial number appears in red ink, adding a pop of color to the otherwise black-and-white design.
The reverse of the 1902 $5 National Bank Note features a detailed and symmetrical design, with the denomination once again taking center stage. The words "FIVE DOLLARS" are boldly printed in the middle, surrounded by intricate scrollwork and ornamental flourishes. The denomination "5" is displayed in large numerals in the corners of the note, ensuring that the value is easily identifiable. Unlike the obverse, the reverse is relatively simple in terms of iconography, focusing more on the intricate engraving work that was common in banknotes of this period. The reverse design is printed in green ink, which contrasts with the black and white of the obverse, a standard feature for U.S. banknotes of the time.
This note was issued by the First National Bank of Parksley, Virginia, under Charter #6246. Parksley is a small town located on the Eastern Shore of Virginia, and the bank was one of the many local institutions that participated in the National Banking System. These banks were required to hold U.S. government bonds as collateral, and in return, they were allowed to issue their own banknotes. The National Bank Notes issued by these banks were used in everyday commerce and were widely accepted across the country. The First National Bank of Parksley, like many other banks, issued currency to meet the needs of the local economy, which relied heavily on agriculture and commerce in the early 20th century. As the National Banking System evolved, many of these smaller banks merged or closed, making surviving notes from towns like Parksley rare and desirable to collectors.
The mintage of National Bank Notes varied depending on the size of the bank and the local demand for currency. While larger cities had banks that issued millions of dollars in currency, smaller towns like Parksley typically issued much smaller amounts. This scarcity, combined with the fact that many National Bank Notes were redeemed and destroyed after they were withdrawn from circulation, makes notes from smaller banks particularly rare. The VG grade assigned to this note by collectors reflects moderate wear, including folds, slight edge wear, and some loss of crispness, but the design elements and details remain legible and clear. Collectors often seek out notes from specific towns or banks, and this note from Parksley is a prime example of a small-town banknote with historical significance.
National Bank Notes were replaced by Federal Reserve Notes in the early 20th century, as the Federal Reserve System was established in 1913 and gradually became the dominant form of currency in the United States. By the time the National Bank Note era ended in 1935, many of the banks that had issued these notes had already closed or merged with larger institutions. This transition marked the end of a unique chapter in U.S. banking history, and surviving National Bank Notes have become prized collectibles due to their historical context, artistic design, and rarity. Notes from smaller banks, such as this 1902 $5 note from Parksley, are especially sought after by collectors who focus on specific regions or bank histories.
The 1902 $5 National Bank Note from Parksley, Virginia, Charter #6246, in VG condition, is an important artifact from the National Banking Era. Its connection to the small-town economy of Parksley, combined with its intricate design and historical context, makes it a valuable addition to any collection of U.S. paper currency. As a tangible reminder of the early 20th-century banking system, this note offers insight into the economic landscape of small-town America and the role that local banks played in the national financial system.