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The 1929 $20 National Bank Note from Milwaukee, Wisconsin, Charter #6853, is a remarkable and historically significant piece of U.S. paper currency. Issued as part of the National Bank Note series, this note represents a key era in U.S. banking history. National Bank Notes were issued by federally chartered banks between 1863 and 1935, and they played a crucial role in the development of the U.S. financial system. The 1929 series marked the final design change for National Bank Notes before their discontinuation in favor of Federal Reserve Notes. During this period, the country was experiencing a shift from the economic prosperity of the 1920s to the onset of the Great Depression, making these notes highly valued by collectors and historians alike. The Milwaukee, WI issue of the $20 note, specifically Charter #6853, adds another layer of uniqueness, as it represents one of the many banks that issued these notes at the time.
The design of the 1929 $20 National Bank Note features several key elements that make it both aesthetically pleasing and functional. On the obverse, the note prominently displays a portrait of Andrew Jackson, the seventh president of the United States. Jackson's likeness was chosen for the $20 bill due to his significant role in American history, particularly his impact on U.S. banking during the 19th century. The portrait is engraved in fine detail, showcasing Jackson's characteristic features, including his stern expression, which conveys his strong leadership. Surrounding the portrait are intricate security elements, such as the Treasury Seal and serial numbers, which are designed to prevent counterfeiting. The note also includes the wording "THE UNITED STATES OF AMERICA" at the top and "TWENTY DOLLARS" in bold letters at the bottom. These design features were standard for the 1929 National Bank Notes, but the distinctive style of the Treasury Seal and the placement of the bank’s charter number make each note unique.
The reverse of the 1929 $20 National Bank Note is equally noteworthy for its design. It features a large, bold “20” in the center of the note, flanked by intricate scrollwork and the words “NATIONAL CURRENCY” above and “TWENTY DOLLARS” below. The design is somewhat less ornate than earlier issues of National Bank Notes, reflecting the streamlined approach adopted during the 1929 series. The note's overall aesthetic is functional yet elegant, with clear and easy-to-read numbers and lettering. In contrast to earlier, more decorative designs, the 1929 series focused on simplicity and security, but it retained the distinct feel of the earlier currency issues. The reverse of the note also includes the charter number of the issuing bank, which, in this case, is #6853, for the National Bank of Milwaukee, Wisconsin. This unique identifier further connects the note to its place in history and adds to its appeal among collectors.
The 1929 $20 National Bank Note from Milwaukee, WI, was issued by the National Bank of Milwaukee under charter #6853. The National Bank system was created by the National Bank Act of 1863, which aimed to establish a uniform national currency and improve the financial system in the wake of the Civil War. Banks that participated in the system were required to hold a reserve of U.S. government bonds, and in exchange, they were authorized to issue notes backed by the federal government. The 1929 series was a redesign of the earlier National Bank Notes, with the most notable changes being the smaller size and the introduction of a more streamlined design. While many National Bank Notes were issued by major cities and financial centers, the 1929 $20 note from Milwaukee, WI, represents one of the many smaller banks across the country that played an important role in the overall banking system during this period. The National Bank of Milwaukee was one of the many banks that issued these notes during the time they were in circulation.
The mintage of the 1929 $20 National Bank Notes varies depending on the issuing bank, and the amount of notes issued by the National Bank of Milwaukee is not readily available. However, these notes were printed in large quantities, as they were part of the regular issue of National Bank Notes. Despite this, notes from smaller banks like the National Bank of Milwaukee tend to be rarer than those from larger cities, as they were produced in smaller batches. The scarcity of certain notes from smaller banks, like this one, makes them highly collectible today. The 1929 series is also significant because it marks the end of the National Bank Note era, as the Federal Reserve Notes were introduced in 1935. This transition makes notes from the 1929 series, particularly those from banks like the National Bank of Milwaukee, valuable pieces for collectors who specialize in the history of U.S. currency.
The 1929 $20 National Bank Note from Milwaukee, WI, Charter #6853, is a prime example of a note from the final year of the National Bank Note series. The note is graded as “Fine” (F) by professional currency grading services, indicating that it has been well-preserved but shows moderate signs of wear from circulation. Notes graded as Fine typically exhibit some fading of the ink, light creases, and minor edge wear, but the design and text remain legible and intact. The note retains much of its original beauty and is in excellent condition for its age. The fact that it has been preserved in a Fine grade means that it is still an attractive piece for collectors who appreciate both its historical value and aesthetic appeal. While higher-grade notes may be more desirable to some collectors, notes in Fine condition are still highly prized for their rarity and the historical significance they carry.
The condition of the 1929 $20 National Bank Note from Milwaukee, WI, Charter #6853, reflects the note’s age and the fact that it circulated during a time of great economic change in the U.S. The 1920s were a period of prosperity known as the "Roaring Twenties," but the country was also heading into the Great Depression, which began in 1929. The early part of the decade saw significant economic growth, and the National Bank Notes from this time were used to facilitate transactions in an expanding economy. However, as the Depression set in, the value of paper currency and the stability of the banking system were severely impacted. The 1929 $20 notes represent the last of the National Bank Notes before the financial system shifted to the Federal Reserve Notes, making them an important part of U.S. economic history. The Fine condition of this particular note highlights the fact that it was able to survive through this tumultuous period and remain in collectible condition today.
The historical context of the 1929 $20 National Bank Note from Milwaukee, WI, Charter #6853, adds a deeper layer of value to the note. During the late 1920s, the U.S. economy was beginning to show signs of strain despite the overall prosperity. The stock market crash of 1929, which led to the Great Depression, occurred just after this note was issued, and the effects of that crash were felt throughout the banking system. As the country’s economic situation worsened, the government’s efforts to stabilize the currency and restore confidence in the banking system became more urgent. The National Bank Notes, including the $20 notes issued by the National Bank of Milwaukee, played an important role in the everyday financial transactions of Americans during this period. The transition from National Bank Notes to Federal Reserve Notes after 1935 marked a significant shift in U.S. currency and banking policy, making notes from this time period even more important to collectors and historians.
In conclusion, the 1929 $20 National Bank Note from Milwaukee, WI, Charter #6853, is a rare and historically significant piece of U.S. paper currency. Its design, mintage, and condition make it an important collectible for those interested in the history of U.S. banking and currency. The note serves as a tangible connection to a critical period in U.S. history, bridging the end of the prosperity of the 1920s and the onset of the Great Depression. The Fine grade of this note ensures that it has been well-preserved despite its age, and it remains a highly desirable piece for collectors. The 1929 $20 National Bank Note from Milwaukee is a valuable reminder of the role that smaller banks played in the U.S. financial system and the historical significance of the National Bank Note series in the broader history of U.S. currency.