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The 1929 $20 National Bank Note from Louisville, Kentucky, bearing Charter #5310 and graded in Very Good (VG) condition, is a captivating artifact from the final phase of the National Bank Note era. Issued during the early years of the Great Depression, this note represents a fusion of local banking tradition and federal monetary policy under the National Banking Acts. The issuing institution, The Louisville National Banking Company, was one of the long-established national banks that received its charter decades earlier and continued to operate under federal oversight through the volatile financial landscape of the late 1920s and early 1930s. The Type 1 small-size format, introduced in 1929, replaced earlier large-size notes and standardized currency dimensions across all denominations.
Charter #5310 was assigned to The Louisville National Banking Company, an institution that played a significant role in the commercial and financial development of Kentucky’s largest city. By the time this note was issued, the bank had already been operating for many years and had weathered multiple financial panics. Its participation in the issuance of National Bank Notes reflected its stability and close relationship with the U.S. Treasury. The bank’s name is prominently displayed on the front of the note, directly under the words “National Currency,” linking the federal government's backing with the trusted name of a local financial institution.
The face of this 1929 $20 note features a left-facing portrait of Andrew Jackson, the seventh President of the United States. Jackson, long associated with opposition to centralized banking in his own era, is somewhat ironically portrayed on National Bank Notes, a product of the very federal system he once fought. His image is framed by elaborate line engravings, positioned at the center left of the note. The words “TWENTY DOLLARS” appear boldly beneath the portrait, while the name of the issuing bank—“The Louisville National Banking Company”—is printed across the top center, followed by the city and state: “Louisville, Kentucky.” The bank’s four-digit charter number, 5310, is printed twice on the front, flanking the central text block and helping to identify the exact issuing institution for collectors and historians.
Standard security features for Type 1 notes include brown serial numbers and a brown U.S. Treasury seal on the right-hand side of the note. These features distinguish National Bank Notes from green-seal Federal Reserve Notes of the same era. The two serial numbers, placed in the upper right and lower left corners, consist of a letter prefix followed by six digits and a suffix letter. The Federal Reserve district numeral and letter appear on the left-hand side, and the note also includes the statutory statement: “Secured by United States bonds deposited with the Treasurer of the United States of America.” This clause assured the public of the full backing of the U.S. government.
The reverse of the note features a finely engraved image of the White House as seen from the North Lawn. This design had been in use on small-size $20 notes since the introduction of the Federal Reserve Note series and was adopted for use on National Bank Notes to maintain consistency across denominations and issuers. The scene is flanked by the inscriptions “THE UNITED STATES OF AMERICA” above and “TWENTY DOLLARS” below. Four large “20” numerals anchor each corner of the reverse, contributing to easy denomination recognition. Notably, the reverse contains no reference to the issuing bank, underscoring the federal character of the currency’s legal tender status.
In terms of physical construction, the note is printed on a cotton-linen blend paper embedded with tiny red and blue security fibers. Intaglio printing was used to produce raised ink features on Jackson’s portrait, the Treasury seal, and other elements, offering both tactile and visual anti-counterfeiting measures. In Very Good (VG) condition, this example has seen extensive circulation. The paper is worn, with visible creases and folds, softened corners, and potential soiling. However, the note remains intact, with no major tears or paper loss, and all critical design elements, including the bank name, portrait, and serial numbers, remain clearly legible.
National Bank Notes from Louisville, Kentucky, are of particular interest to collectors of regional currency and bank-specific issues. While larger cities like Louisville had multiple national banks issuing notes, each chartered institution produced its own notes, often in limited quantities. The survival rate for these notes is generally low, particularly in collectible grades. Type 1 $20 notes from Louisville are not common, especially those from Charter #5310, which issued a relatively modest quantity of notes during the short window between 1929 and the early 1930s before the National Bank Note program ended.
From a historical standpoint, this note holds tremendous value. Issued during the onset of the Great Depression, it represents both economic resilience and the closing chapter of the National Banking era. After 1935, National Bank Notes were phased out, and Federal Reserve Notes became the sole legal tender for most currency transactions in the U.S. Notes like this one are thus seen as transitional, linking the decentralized, locally issued currency of the 19th century with the more centralized and uniform currency of the modern era. The combination of Andrew Jackson’s portrait and the national bank identifier captures this tension between federal authority and local autonomy.
Collectors prize 1929 National Bank Notes for their rich blend of local and national history. Each note is tied not only to the broader narrative of U.S. monetary evolution but also to the specific community that received and circulated it. Louisville, with its commercial significance and deep banking history, offers an especially compelling backdrop. The $20 denomination is less common than the $5 or $10 among surviving small-size National Bank Notes, making it a desirable addition to collections that focus on Kentucky, National Currency, or Depression-era finance.
In summary, the 1929 $20 National Bank Note from The Louisville National Banking Company, Charter #5310, in Very Good condition, is a remarkable relic from a pivotal time in American banking. It reflects the federal government’s partnership with local banks to provide a secure and stable currency during an era of severe economic hardship. Despite moderate wear, the note remains highly collectible for its historical context, city-specific issuance, and relatively low survival rate. For those interested in U.S. currency history, Kentucky banking, or early 20th-century financial artifacts, this note is a meaningful and enduring piece of America’s numismatic heritage.