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The 1934B $10 National Bank Note from Baltimore, Maryland, bearing Charter #1413 and grading between Very Good (VG) and Fine (F), is a noteworthy example of small-size National Currency issued during a period of economic recovery and institutional reform. National Bank Notes of this type were authorized under the National Banking Act and were backed by U.S. government securities held by the issuing bank. While most National Bank Notes were issued between 1863 and 1935, the 1934B series is particularly interesting due to its connection to the final years of National Currency issuance and its coexistence with the burgeoning Federal Reserve Note system. Issued by The National Bank of Baltimore, this note serves as a tangible link to the city’s robust financial heritage and the broader transformation of American currency in the mid-20th century.
The 1934B series belongs to the final group of National Bank Notes printed before the program's termination in 1935. Although dated 1934B, these notes were printed and circulated in the mid-1930s, after the height of the Great Depression. The “B” designation refers to subtle modifications in the note's text or design—typically involving Treasury signatures or changes to printing procedures—rather than a major aesthetic overhaul. Baltimore’s Charter #1413 identifies The National Bank of Baltimore as the issuing institution, one of Maryland’s oldest and most respected banks. Established in the 19th century, the bank played a key role in regional commerce and finance.
The face of this $10 National Bank Note features an engraved portrait of Alexander Hamilton, the first Secretary of the Treasury, a figure synonymous with American financial innovation. The layout mirrors that of standard small-size notes, with “National Currency” across the top and “The United States of America” printed beneath. The left side of the note includes the black seal of the issuing bank’s Federal Reserve district, while the right side carries the brown U.S. Treasury seal—a hallmark of National Bank Notes. Serial numbers, also in brown ink, flank the portrait and correspond to the issuance by The National Bank of Baltimore. The charter number 1413 appears twice beneath the district identifiers and again next to each serial number.
In addition to the serial number and charter information, the face of the note clearly identifies the issuing bank by name: “The National Bank of Baltimore,” along with the city and state designation “Baltimore, Maryland.” This local specificity is a defining trait of National Bank Notes and provides collectors with the opportunity to pursue regional series or city-specific sets. The phrase “This note is secured by United States bonds deposited with the Treasurer of the United States of America” is printed below the bank title, affirming the federal backing that gave these notes their monetary legitimacy.
The back of the 1934B $10 National Bank Note is identical to contemporary small-size $10 Federal Reserve Notes and features an engraved depiction of the U.S. Treasury Building in Washington, D.C. The building is viewed from the southeast corner, showing its neoclassical design and symbolic association with the nation's financial leadership. Surrounding the vignette are inscriptions including “THE UNITED STATES OF AMERICA” and “TEN DOLLARS,” with ornate framing and denomination numerals in each corner. The uniform reverse design across note types helped maintain public confidence and consistency during a period of currency overlap between National and Federal Reserve issues.
The note was printed on a durable blend of 75% cotton and 25% linen fiber paper, with red and blue security threads interwoven throughout. Unlike modern currency, the 1934B $10 lacks watermarks or color-shifting ink, relying instead on intaglio engraving for tactile and visual anti-counterfeiting features. The printing was done by the Bureau of Engraving and Printing in Washington, D.C., using traditional engraved steel plates, which yielded sharp detail and depth on key design elements such as the portrait, Treasury seal, and inscriptions. This production process gave each note a distinct texture, appreciated by collectors and users alike.
In terms of condition, a grade of Very Good to Fine indicates a circulated note with clear signs of wear but no major damage. In VG, one would expect limp paper, multiple folds, worn edges, and perhaps minor stains or fading. The ink may be weakened, and fine design details can be slightly blurred. However, all text and imagery should remain legible. At the Fine grade, the paper is still noticeably worn but retains some firmness. The portrait of Hamilton, serial numbers, charter number, and bank name are all clear, and the note is free from tears, repairs, or significant staining. Despite its moderate wear, a 1934B National Bank Note in VG-F condition remains a collectible piece due to its historical significance and decreasing availability.
The collectibility of this Baltimore note is enhanced by its connection to Charter #1413, a relatively low charter number indicating early establishment in the National Bank system. Although large banks in major cities like Baltimore generally issued significant numbers of notes, most were heavily circulated, and relatively few survived in decent collectible condition. Today, such notes are valued for their regional ties, local banking heritage, and scarcity in the modern market. National Bank Notes from Maryland are of particular interest to collectors of southern and mid-Atlantic currency, especially when issued from a prominent financial center like Baltimore.
Collectors of National Currency often pursue notes based on several collecting goals: by charter number, state, city, type, or even individual banks. Type 2 small-size notes like this one—with four charter numbers printed on the face—are especially popular due to their brief issuance period and ease of identification. While large-size notes from the same charter exist and are often more ornate, the small-size 1934B issue is significantly more practical to collect and complete in sets due to greater affordability and relative availability, especially in lower grades.
In conclusion, the 1934B $10 National Bank Note from The National Bank of Baltimore, Charter #1413, in VG to F condition is a historically rich example of locally issued American currency. Despite its wear, it offers an authentic connection to the regional financial history of Maryland during a transformative era. Its combination of Hamilton’s portrait, unique charter number, and linkage to one of Baltimore’s major financial institutions ensures that it remains a meaningful and valuable addition to any numismatic collection focused on U.S. banknotes, National Currency, or Depression-era monetary instruments.