-
Inventory:
OUT OF STOCK
- Product ID: 21804
Checkout
The 1929 $10 National Bank Note from Baltimore, Maryland, bearing Charter #1413 and graded in Very Good to Fine (VG–F) condition, is a noteworthy artifact from a transformative period in American banking history. Issued by the First National Bank of Baltimore, this note belongs to the “Type 1” series of small-size national currency, introduced during the Great Depression under the National Banking Act framework but printed in the new, reduced dimensions that became standard in 1929. This note carries the legacy of Baltimore’s economic history and exemplifies the shift from large-size national currency to more practical, smaller notes designed to streamline commerce and reduce costs during hard economic times.
The face of the 1929 $10 National Bank Note features the familiar portrait of Alexander Hamilton, the first Secretary of the Treasury, at its center. This same portrait design was also used on contemporary Federal Reserve Notes, but National Bank Notes are easily distinguished by their unique brown seal and serial numbers, as well as the charter and bank-specific information printed on each note. In this case, “The First National Bank of Baltimore” appears prominently along the upper center of the note’s face, while the charter number “1413” is printed both vertically to the left and right of Hamilton’s portrait and within the bank title. The Treasury seal, also in brown, sits to the right of the portrait, and the signatures of the bank’s cashier and president are printed near the bottom, giving the note its localized character and authenticity.
Above the portrait is the legend “National Currency,” while below the portrait the denomination “Ten Dollars” is spelled out. The left and right borders each display the numeral “10” in ornate scrollwork. These notes also feature the line “Will Pay to the Bearer on Demand Ten Dollars,” affirming their redeemable nature in lawful money. The serial number, printed in brown ink and unique to the note, appears in the upper right and lower left corners. Additionally, the Treasury Department’s seal and the Federal Reserve district identifier—“E” for the Richmond district—link this Baltimore note to its broader regional issuing authority.
The reverse of the note mirrors the design used on the contemporary small-size Federal Reserve Notes of the same denomination. It depicts the U.S. Treasury building in Washington, D.C., with an intricate classical-style engraving. The words “The United States of America” appear above the vignette, and “Ten Dollars” is clearly shown below it. Despite being issued by an individual national bank, the reverse is identical across all $10 Type 1 notes from 1929, a decision likely made for efficiency and uniformity in production. This standardized reverse design helps reinforce federal authority while the face retains each note’s unique local identity.
The First National Bank of Baltimore, Charter #1413, was one of the oldest and most prominent banking institutions in the city. Chartered originally in the 19th century, it played a crucial role in the region’s economic growth and financial services during the industrialization of Maryland. National Bank Notes from such well-established institutions are particularly valued by collectors for their historical context and regional significance. The use of these notes was widespread during the Depression era, when trust in local banking institutions was critical to sustaining public confidence in the monetary system.
The issuance of 1929 Type 1 National Bank Notes came at a time of great uncertainty in the American economy. The stock market crash of 1929 had just unfolded, and the federal government moved to increase liquidity and restore trust in the banking system. Allowing national banks to continue issuing currency, albeit in the new small-size format, was part of this strategy. Each note was backed by U.S. government securities held by the issuing bank, and the bank’s name and charter number were printed directly on the note, tying each bill to a specific financial institution. This system remained in place until national currency issuance ended in the 1930s.
In terms of condition, a grade of VG to F indicates a note that has circulated but remains intact and legible. In Very Good condition, the note may have moderate wear, soft paper, rounded corners, and minor splits or tears, particularly along the fold lines, but the design details and all printed information remain fully readable. In Fine condition, the paper is firmer with fewer signs of wear, stronger color contrast, and generally better overall eye appeal. While not pristine, such notes are still highly collectible, especially when they originate from well-known banks or harder-to-find towns and charter numbers.
The population of surviving 1929 $10 National Bank Notes from Baltimore, MD, Charter #1413, is moderate. Baltimore being a major East Coast city means its national notes are more available than those from small towns or rural banks, but the charm of its urban financial legacy still attracts regional and national currency collectors. Notes from larger banks often saw more circulation, so higher-grade examples can be scarcer. Even in circulated grades like VG or F, they retain collector interest due to their historical value and representation of a major U.S. city during a pivotal time in monetary history.
The value of a 1929 $10 National Bank Note from Baltimore in VG–F condition can vary based on current demand, market trends, and the note’s eye appeal. A typical example in VG condition might trade in the $60 to $90 range, while one in solid Fine condition could bring $90 to $125 or slightly more if it has exceptional color, better margins, or a low serial number. Certified notes, especially those encapsulated by PMG or PCGS with problem-free labels, often draw higher premiums in auctions and collector marketplaces.
Collectors who specialize in National Bank Notes often build “state sets,” collecting one note from each state, or “charter sets,” gathering examples from various banks under a specific charter number. Others focus on cities or major financial hubs, with Baltimore being a key target. The Charter #1413 issue provides both a rich connection to Maryland’s banking past and a vivid artifact of the broader shift from decentralized to federally controlled currency systems. In this way, the 1929 $10 National Bank Note from Baltimore stands not just as currency, but as a piece of American economic and cultural history.
In conclusion, the 1929 $10 National Bank Note from Baltimore, MD, Charter #1413 in VG–F condition is a desirable and historically rich collectible. It exemplifies the transition from large, locally backed currency to a more uniform national system, all while retaining the unique character of its issuing institution. With its iconic Hamilton portrait, brown seal, localized printing, and Depression-era context, it continues to captivate collectors as a tangible remnant of early 20th-century American finance and regional banking heritage.