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The 1902 $5 National Banknote from Wellesley, Massachusetts, with Charter #7297, in Fine condition, is a captivating piece of American banking history. These notes, known as National Banknotes, were issued by individual banks and backed by the federal government, offering a unique insight into the local banking systems of the early 20th century. The 1902 series, commonly referred to as "Blue Seal" notes, are particularly valued by collectors for their detailed designs and historical significance.
National Banknotes have a rich history that 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, helping to stabilize the currency and create a uniform national banking system.
The design of the 1902 $5 National Banknote is both intricate and reflective of its era. 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 prominently displayed 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 7297. The bank's name, "Wellesley, Massachusetts," is clearly visible across the top of the note, along with the denomination in both numerals and words.
The reverse side of the note, often referred to as the "greenback" side due to its green ink, features an elaborate design with the words "National Currency" and "United States of America" prominently displayed. The central vignette depicts an allegorical figure representing agriculture and commerce, symbolizing the economic foundations of the nation. The denomination is again displayed in both numerals and words, ensuring clarity and recognition for those using the currency. The overall design of the note highlights the detailed engraving and artistry characteristic of early 20th-century currency production.
The 1902 $5 National Banknote was printed by the Bureau of Engraving and Printing (BEP), the federal agency responsible for producing all U.S. paper currency. The BEP employs 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 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 one in Wellesley, Massachusetts, which issued them to the public.
The mintage of the 1902 $5 National Banknote varied 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 bank in Wellesley, Massachusetts, with Charter #7297, issued a limited number of these notes, making them relatively scarce and highly sought after by collectors. 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, including 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 their unique connection to local banking institutions.