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The 1929 $20 National Bank Note from Frederick, Maryland, bearing Charter #1267 and graded in Very Good (VG) condition, is a valuable artifact from a transformative era in American banking history. This note belongs to the Type 1 small-size series of National Bank Notes issued between 1929 and 1933, during the Great Depression, as the federal government restructured the national currency system. Type 1 notes like this one marked a major departure from the earlier large-size notes and introduced uniformity in size across all denominations and types of U.S. paper currency. Issued by The Citizens National Bank of Frederick, this note reflects both the local financial infrastructure of Maryland and the broader federal economic measures aimed at stabilizing the banking system.
Charter #1267 identifies The Citizens National Bank of Frederick, Maryland, a bank that received its federal charter in the 19th century and operated as a local pillar of commerce. During the 1929 small-size currency reform, national banks like this one issued notes backed by U.S. bonds deposited with the Treasury. The bank’s name appears prominently across the top center of the note, reinforcing the close relationship between community banks and the national monetary system. These locally issued, federally guaranteed notes gave consumers confidence during a period of intense economic uncertainty, and they remain of strong numismatic interest today for their unique combination of national standardization and local heritage.
The face of the note features a left-facing portrait of President Andrew Jackson, who also appears on modern $20 Federal Reserve Notes. This image was adapted from the older large-size National Currency series and placed within a classic engraved frame. Above the portrait is the heading “NATIONAL CURRENCY,” while directly beneath it is the statement of federal backing: “This note is secured by United States bonds deposited with the Treasurer of the United States of America.” The issuing bank’s name, “The Citizens National Bank of Frederick,” appears prominently in bold font, followed by the location “Frederick, Maryland.” The bank’s four-digit charter number, 1267, is printed twice on the face—once beneath the bank title and again beside the Treasury seal.
The left side of the note features the district designation and a black Federal Reserve numeral, while the brown U.S. Treasury seal appears on the right, matching the brown serial numbers that flank the design. The two serial numbers, positioned in the upper right and lower left, follow the standard 1929 format with a prefix letter and six digits. These elements, along with the brown overprint, distinguish National Bank Notes from standard green-seal Federal Reserve Notes. The denomination “Twenty Dollars” is spelled out at the bottom center, flanked by ornate corner devices displaying the numeral “20.”
The reverse of the 1929 $20 National Bank Note is identical to that of the contemporary small-size $20 Federal Reserve Notes. It features an intricate engraving of the White House as viewed from the North Lawn, rendered in fine detail with a focus on the neoclassical columns and surrounding landscaping. The reverse lacks any mention of the issuing bank, highlighting the federal uniformity of the design. “THE UNITED STATES OF AMERICA” is prominently printed across the top, while “TWENTY DOLLARS” appears across the bottom. Large numerals in the corners reinforce the denomination. The design’s symmetry and clarity made it instantly recognizable and easily verifiable in circulation.
The note is printed on a cotton-linen blend paper embedded with blue and red fibers, a standard feature of U.S. currency since the 19th century. The intaglio printing process created raised ink surfaces on the portrait, bank name, serial numbers, and other key elements, offering texture that could be felt by hand and served as a counterfeiting deterrent. In Very Good (VG) condition, the note shows clear signs of extensive circulation. Expect multiple vertical and horizontal folds, rounded corners, general soiling, and perhaps light staining. However, all major elements—including the portrait, bank name, serial numbers, and seals—remain legible, with no major tears or repairs compromising the structure of the note.
Despite the moderate wear of a VG grade, notes like this remain highly collectible due to their historical importance, local issuing bank, and low survival rate. Most National Bank Notes were redeemed and destroyed once the National Currency system was phased out during the banking reforms of the 1930s and 1940s. Survivors, especially those from smaller towns like Frederick, Maryland, are valued by collectors who specialize in state- or city-specific collections. The Citizens National Bank of Frederick was among a small number of banks in Maryland to issue Type 1 small-size notes, further adding to the rarity and appeal of this particular example.
The total number of $20 Type 1 notes printed by The Citizens National Bank of Frederick is finite, and only a limited number have survived to the present day. Notes from large urban centers like New York or Chicago are relatively common, but examples from smaller Maryland towns are scarcer and command a premium. Collectors of Maryland currency or those assembling complete charter number collections consider notes like this essential, especially when bank-issued denominations other than the more common $5 or $10 are found. The $20 denomination also holds particular appeal as it was less frequently hoarded, resulting in lower survival rates across the board.
The note’s historical context also enhances its appeal. Issued just as the Great Depression began to unravel the American financial system, the 1929 National Bank Notes served as a final expression of the federal government’s reliance on the National Banking Act of 1863. This act had enabled federally chartered banks to issue their own currency backed by U.S. bonds. By the early 1930s, however, the Treasury moved to centralize currency issuance, phasing out National Bank Notes in favor of standardized Federal Reserve Notes. Thus, this 1929 $20 note stands at a turning point in monetary history—a bridge between decentralized and centralized currency systems in the United States.
In conclusion, the 1929 $20 National Bank Note from Frederick, Maryland, Charter #1267, in Very Good condition, represents a tangible piece of American banking heritage. Its association with a historically significant Maryland institution, the transitional nature of the 1929 series, and the enduring symbolism of Andrew Jackson and the White House make it an excellent acquisition for collectors of U.S. currency, particularly those focused on regional banks, small-town issuers, or Depression-era monetary history. Though moderately worn, the note retains its full historical and aesthetic character, making it a valuable and authentic example of early 20th-century American finance.