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The 1902 $5 National Banknote from the First National Bank of Bath, Maine, with Charter #2743, in Fine condition, is a remarkable piece of American banking history. These notes, often referred to as National Banknotes, were issued by individual banks and backed by the federal government, providing a unique glimpse into the local banking institutions of the early 20th century. The 1902 series, known as the "Blue Seal" notes, are highly valued by collectors for their intricate designs and historical significance.
The history of National Banknotes dates back to the National Banking Act of 1863, which was established during the Civil War to create a stable national currency and to fund the war effort. Under this act, national banks were chartered by the federal government and required to purchase U.S. government bonds. In return, they were permitted to issue National Banknotes up to 90% of the value of the bonds they held. This system ensured that the notes were backed by the credit of the federal government, which helped to stabilize the currency and provide a uniform national banking system.
The design of the 1902 $5 National Banknote is both intricate and emblematic of its time. The obverse of the note features a portrait of Benjamin Harrison, the 23rd President of the United States, who served from 1889 to 1893. Harrison's portrait is centered on the left side of the note, surrounded by ornate scrollwork and a detailed border. To the right of the portrait is the charter number of the issuing bank, which, in this case, is 2743. The bank's name, "First National Bank of Bath, Maine," is prominently displayed across the top of the note, along with the denomination in both numerals and words.
The reverse of the note, often referred to as the "greenback" side due to its green ink, features an intricate design with the words "National Currency" and "United States of America" prominently displayed. The central vignette depicts an allegorical figure representing agriculture and commerce, reflecting the economic themes that were important to the nation at the time. The denomination is again displayed in both numerals and words, ensuring clarity and ease of recognition for users of the currency. The overall design of the note showcases the detailed engraving and artistry that were hallmarks of early 20th-century currency production.
The 1902 $5 National Banknote was printed by the Bureau of Engraving and Printing (BEP), which is responsible for producing all U.S. paper currency. The BEP utilizes advanced printing techniques and stringent quality control measures to ensure the accuracy and durability of the notes. The printing process involves multiple stages, including the engraving of the plates, the printing of the notes, and the addition of security features. The notes were then distributed to the chartered national banks, such as the First National Bank of Bath, Maine, which issued them to the public.
The mintage of the 1902 $5 National Banknote varies depending on the individual bank and its charter. Each bank was allowed to issue a certain amount of currency based on the value of the U.S. government bonds it held. The First National Bank of Bath, Maine, with Charter #2743, issued a limited number of these notes, making them relatively scarce and highly sought after by collectors. The exact mintage figures can be difficult to determine, but it is known that National Banknotes from smaller towns and less populous areas tend to be rarer and more valuable.
The condition of the 1902 $5 National Banknote in Fine grade reflects its age and circulation. In this grade, the note shows moderate wear, with visible creases, folds, and possible minor tears or stains. The paper may have softened from handling, and the colors may have faded slightly. Despite these signs of wear, the note’s main design elements, such as the portrait of Benjamin Harrison and the intricate border, remain recognizable and clear. Collectors value these notes for their historical significance and unique connection to local banking institutions.