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The 1929 $10 National Bank Note from Louisville, Kentucky, bearing Charter #5312 and graded in Fine (F) condition, is a remarkable artifact from a pivotal era in American banking and currency history. Issued under the National Currency system, which had its roots in the National Banking Act of 1863, this note is part of the small-size Type 2 series printed during the Great Depression. These notes were federally backed yet locally issued, combining elements of national oversight with community-level distribution, and today they serve as a tangible connection to both regional history and the transformation of the U.S. financial system during times of economic crisis.
This particular note belongs to the Series of 1929 Type 2 National Bank Notes, which were issued from July 1933 to 1935. Unlike Type 1 notes, which bore the charter number only in two places, Type 2 notes feature the bank’s charter number four times—twice on the face near the serial numbers and twice more beneath the Federal Reserve district numbers. This increased prominence of the charter number was a product of evolving Treasury design standards and improved note accountability during a time of national financial instability. Charter #5312 corresponds to The First National Bank of Louisville, Kentucky, an institution that played a significant role in the state’s commercial development in the early 20th century.
The face of the 1929 $10 note features a portrait of Alexander Hamilton, the first Secretary of the Treasury, facing left. This engraving was adapted from earlier large-size $10 notes and continues to be used on modern $10 Federal Reserve Notes. Above the portrait appears the phrase “National Currency,” denoting its special status as federally authorized but issued by a nationally chartered bank. Below it is the wording “This note is secured by United States bonds deposited with the Treasurer of the United States of America,” affirming its backing by federal securities. The left and right borders contain stylized “X”s and the numeral “10” for denomination clarity.
Prominently displayed on the note are the charter number 5312 and the issuing bank’s name: “The First National Bank of Louisville” with the city and state clearly noted below. Two serial numbers appear in black ink and are flanked by the charter number. A brown U.S. Treasury seal appears on the right side of the note’s face, and the serial numbers are printed in matching brown ink, consistent with all National Bank Notes of this era. The brown color scheme distinguishes these notes from Federal Reserve Notes, which use green serial numbers and seals, and helps define their unique place in American paper money history.
The back of the note is identical to that of contemporary small-size Federal Reserve Notes, featuring a detailed engraving of the U.S. Treasury building in Washington, D.C. The building is framed by ornate borders with “THE UNITED STATES OF AMERICA” at the top and “TEN DOLLARS” below. The consistency of the reverse design across all small-size $10 notes helped maintain visual continuity in U.S. currency during a period of broad institutional transition. This choice also reflected efforts by the Treasury Department to standardize banknote design for easier recognition and handling by the public.
Printed on durable linen-based paper composed of 75% cotton and 25% linen, the 1929 National Bank Notes were produced at the Bureau of Engraving and Printing in Washington, D.C. These notes utilized intaglio printing techniques, which gave them raised surfaces on key elements like the portrait, serial numbers, and treasury seal. While lacking modern security features such as watermarks or color-shifting ink, the notes were well-respected for their tactile quality and engraving precision, which were difficult for counterfeiters to replicate with the technology of the time.
In Fine (F) condition, this Louisville-issued 1929 $10 National Bank Note exhibits moderate to heavy wear from circulation. Fold lines, rounded corners, and light soiling are expected at this grade level, though all major design elements remain clear and fully legible. The portrait of Hamilton and all inscriptions are intact, and the paper, though softened from handling, retains structural integrity without major tears or damage. Notes in Fine condition provide an excellent balance for collectors seeking authenticity and history at a more accessible price point than higher-grade specimens.
The rarity and appeal of any National Bank Note are significantly influenced by the issuing bank’s size, the population it served, and the quantity of surviving notes. Louisville, as Kentucky’s largest city and a major river and rail hub, had several issuing banks, but individual charter numbers—such as #5312—are highly collectible when tied to a specific institution. Surviving examples from The First National Bank of Louisville are not exceedingly rare, but finding them in better condition, especially with full originality and bold ink, becomes increasingly difficult over time. Notes with legible signatures and well-centered printing also command greater premiums.
Collectors of National Currency often seek to build sets by state, city, or even by charter number. Louisville notes are particularly prized within Kentucky collections, and the city's historic economic role during the Depression era adds an extra layer of contextual richness. Type 2 notes, like this 1929 example, are slightly scarcer than their Type 1 counterparts and are preferred by some collectors due to the additional charter number placements and the narrower issuance window. Furthermore, the presence of a known and respected charter, such as 5312, boosts desirability among specialists in southern or Midwestern banking history.
In conclusion, the 1929 $10 National Bank Note from The First National Bank of Louisville, Kentucky, Charter #5312, in Fine condition, is a treasured piece of American numismatic and banking history. Its connection to a major financial institution in a significant regional center, combined with its well-preserved features and Type 2 designation, make it a valuable collectible for those interested in National Currency, early 20th-century financial systems, or Kentucky’s economic past. While not in pristine condition, its survival over nearly a century ensures it remains a worthy and meaningful addition to any well-rounded currency collection.