National Currency Notes: How to Identify and Value National Bank Notes

National Bank Notes from 1863 to 1929: an Original Series $1, a Series 1875 $5, a Series 1902 $20 and a Series 1929 small-size $20

National Currency notes, better known as National Bank Notes, are U.S. paper money issued from 1863 to 1935 by thousands of federally chartered banks. Every note carries the name and town of the bank that issued it, which is why collectors hunt for notes from their hometown, their state or a long-vanished frontier bank.

This guide explains how to identify a National Bank Note, the types issued in each charter period, what drives value, and how to sell your National Bank Notes. If you already have notes, you can get a free appraisal from our paper money buyers by using the form below or texting photos to 720-600-4740.

What Are National Currency Notes?

National Currency notes were issued by national banks chartered by the Comptroller of the Currency under the National Currency Act of February 25, 1863 and the National Bank Act of June 3, 1864. To issue notes, a bank had to deposit U.S. government bonds with the Treasury. The notes were secured by those bonds, so a note from a small-town bank in Kansas was good at any national bank or at the Treasury.

The designs were the same nationwide. Only the bank name, town, state and charter number changed. Each note says “National Currency” across the top, and the bank’s cashier and president signed each large-size note (Series 1929 notes carry printed facsimiles of their signatures). More than 14,000 bank charters were granted during the note-issuing era (charter numbers 1 to 14348), and notes were issued in denominations from $1 to $1,000 in large size and $5 to $100 in small size.

Sources: BEP National Bank Notes fact sheet; Wikipedia: National Bank Note.

A Brief History of National Bank Notes

1863 to 1864: Congress created the national banking system to finance the Civil War and replace the confusing mix of private state bank notes. The first National Bank Notes reached the public in December 1863.
Printing: The earliest notes were printed by private bank note companies and finished by the Treasury. The Bureau of Engraving and Printing began printing the faces of National Bank Notes in 1875.
Charter periods: A national bank charter lasted 20 years, so notes are grouped into three charter periods: 1863 to 1882, 1882 to 1902 and 1902 to 1935. Renewing a charter meant starting a new series of notes. In 1922 Congress removed the 20-year limit.
Small size, 1929: Like all U.S. currency, National Bank Notes were reduced to today’s smaller size with Series 1929.
The end, 1935: Note issuance ended in 1935, when the Treasury retired the government bonds that secured the notes.

Sources: BEP National Bank Notes fact sheet; Bureau of Engraving and Printing history; American Numismatic Association exhibit on National Bank Notes.

Types of National Bank Notes

The American Numismatic Association counts eight distinct types of large-size National Bank Notes across the three charter periods, followed by the small-size Series 1929 notes. Knowing the type is the first step in pinning down what you have.

First Charter Period (1863–1882): Original Series and Series 1875

First Charter Series 1875 $10 National Bank Note from the First National Bank of Bismarck, charter 2434, front and back

Original Series notes (no series date printed on the face) and Series 1875 notes share the same ornate designs, with historical scenes on the backs such as DeSoto discovering the Mississippi on the $10. Series 1875 notes add the bank’s charter number to the face, following an 1874 amendment. Both carry a red Treasury seal.

First Charter notes came in $1, $2, $5, $10, $20, $50, $100, $500 and $1,000 denominations. The $1 and $2 notes were added in 1865 and stopped about a year after 1878; the $2 note, with its sideways “2,” is nicknamed the “lazy deuce.”

Shown: Series 1875 $10, First National Bank of Bismarck, charter 2434.

Second Charter Period (1882–1902): Brown Backs, Date Backs and Value Backs

Second Charter 1882 Brown Back $10 National Bank Note, First National Bank of Hawaii at Honolulu, charter 5550, front and brown back

The Act of July 12, 1882 let banks renew their charters for another 20 years and introduced Series 1882 notes in three back designs:

Brown Back: brown seal and a brown back with the charter number printed large in green.
Date Back: blue seal and a green back with the dates “1882–1908,” issued after the Aldrich-Vreeland Act of 1908.
Value Back: blue seal and a green back with the denomination spelled out, used after the Aldrich-Vreeland Act expired in 1915.

Shown: 1882 Brown Back $10, First National Bank of Hawaii at Honolulu, charter 5550.

Third Charter Period (1902–1935): Red Seals, Date Backs and Plain Backs

Third Charter Series 1902 Date Back $10 National Bank Note, Allentown National Bank charter 1322, with 1902-1908 dated back

Series 1902 notes have the same face designs in three varieties:

Red Seal: red Treasury seal, issued from 1902 to 1908.
Date Back: blue seal with “1902–1908” on the back.
Plain Back: blue seal and no dates on the back, from about 1915 until large-size notes ended in 1929.

Shown: Series 1902 Date Back $10, Allentown National Bank, Pennsylvania, charter 1322, with William McKinley’s portrait.

Series 1929 Small-Size National Bank Notes: Type 1 and Type 2

Series 1929 small-size National Bank Notes: Type 1 $5 from Sault Ste. Marie charter 3547 beside Type 2 $10 from Bluefield charter 11109

Left: Type 1 $5, First National Bank of Sault Ste. Marie, Michigan, charter 3547. Right: Type 2 $10, Flat Top National Bank of Bluefield, West Virginia, charter 11109.

Series 1929 National Bank Notes are the size of modern money and have a brown seal and brown serial numbers. They were issued in $5, $10, $20, $50 and $100 denominations.

Type 1 (1929 to 1933): the charter number is printed twice in black, and serial numbers have a letter at each end, such as A012345A.
Type 2 (1933 to 1935): the charter number is also printed twice in brown beside the serial numbers, which have a prefix letter only, such as A012345.

Don’t confuse these with Series 1929 Federal Reserve Bank Notes, which also say “National Currency” and have a brown seal but name one of the 12 Federal Reserve Banks instead of a local bank.

National Gold Bank Notes

$5 National Gold Bank Note on yellow-tinted paper, First National Gold Bank of San Francisco, charter 1741

A special group of National Gold Bank Notes was issued by nine California gold banks under the Act of July 12, 1870. They were printed on yellow-tinted paper and were redeemable in gold coin. The backs show a group of U.S. gold coins. Because they circulated heavily, most surviving examples are well worn, and only about 630 are known today.

Shown: $5 National Gold Bank Note, First National Gold Bank of San Francisco, charter 1741.

How to Identify a National Bank Note

Annotated 1902 Plain Back $5 National Bank Note from Lone Wolf, Oklahoma showing charter number, region letter, serial numbers, signatures and Treasury seal

Key features shown on a Series 1902 Plain Back $5, First National Bank of Lone Wolf, Oklahoma, charter 10096.

Look for “National Currency” and a bank name. A National Bank Note names a local bank and town, such as “The First National Bank of Lone Wolf, Oklahoma.”
Find the charter number. This is the bank’s federal charter number (1 to 14348), printed on the face of most notes from Series 1875 on. It identifies the bank and when it was chartered.
Check the size and seal. Large notes (about 7 3/8 by 3 1/8 inches) were issued until 1929. A red seal points to a First Charter note or a 1902 Red Seal, a brown seal to an 1882 Brown Back or a Series 1929 small-size note, and a blue seal to an 1882 Date Back or Value Back or a 1902 Date Back or Plain Back.
Read the back. Brown backs, dated backs (“1882–1908” or “1902–1908”), value backs and plain backs each mark a different type, as described above.
Note the serial numbers and letters. Large notes carry both a Treasury serial number and the bank’s own serial number. Many also show a regional letter (N, E, S, M, W or P) that sorted notes by region for redemption.
Check the signatures. Large notes carry four signatures: the Register of the Treasury and the Treasurer of the United States, plus the bank’s cashier and president.

Sources: Wikipedia: National Bank Note; American Numismatic Association exhibit on National Bank Notes.

What Drives the Value of a National Bank Note?

National Bank Notes range from a modest premium over face value for common Series 1929 notes from big-city banks to major sums for rare banks, territories and early types. Values change with the market, so we don’t publish fixed prices. These are the factors that matter most:

The bank and town. The biggest factor. Banks that issued few notes, or whose notes rarely survive, are worth far more than large city banks. Collectors keep census records of known notes for each bank.
State or territory. Notes from sparsely settled states, and from territories such as Alaska, Arizona, Dakota, Hawaii, Indian Territory, New Mexico, Oklahoma and Utah before statehood, are especially popular.
Type and series. First Charter notes, Brown Backs, 1902 Red Seals and Series 1882 Value Backs are generally scarcer than 1902 Plain Backs and Series 1929 notes. National Gold Bank Notes are rare in any grade.
Denomination. $1 and $2 First Charter notes and high denominations ($50 and up) are scarcer than $5, $10 and $20 notes.
Condition. Folds, tears, stains and missing corners lower value. Professional grades from PMG (Paper Money Guaranty) or PCGS Banknote help buyers and sellers agree on condition.
Serial numbers and signatures. Serial number 1 notes, low serials and notes with interesting hand-signed officers’ signatures can bring a premium.

For approximate ranges on common types, see our coin and paper money price guide. For a note-by-note opinion, request a free appraisal.

Collecting National Bank Notes

Because every note names a bank and town, National Bank Notes are one of the most popular areas of U.S. paper money collecting. Collectors often build sets by home state or county, by charter period or type, or by banks with interesting names. Each note is a record of local history: many of the banks that issued them merged or closed long ago.

To learn more about the hobby, read our guide to collecting paper money and our U.S. paper currency information page. Our guide to coin and paper currency grading services explains how notes are graded, and our step-by-step guide to selling paper money covers what to do before you sell.

How to Sell National Bank Notes

Don’t clean, press or repair the notes. Washing, pressing out folds, taping tears or trimming edges lowers the value. Keep notes flat in a paper envelope or currency sleeve.
Take clear photos of the front and back of each note in good light, with the bank name, charter number and serial numbers readable.
Send them for a free appraisal. Use the form at the bottom of this page, text photos to 720-600-4740, or email staff@americanrarities.com. We reply with a free, no-obligation offer, usually within 24 hours, though larger collections may take longer. If so, we’ll let you know.
Get paid. If you accept, we pay by company check, wire or ACH. Mail-in shipments are fully covered with no deductible, with free or discounted shipping on selected collections, and we make home visits nationwide for larger collections.

If something is out of the ordinary, such as higher quality, scarce or a variety, we will always price it at its full collectible value. American Rarities has purchased over $400 million in coins and collections, brings hundreds of years of combined experience, and holds a 4.7-star Google rating. We are member dealers of both PCGS and NGC and offer free in-house grading opinions. For details on our process, see our page to sell your National Bank Notes, or sell U.S. paper currency of every type. You can also read our guides for inherited collections and estate appraisals.

Explore Our Expertise & Resources

Have an inherited collection? Our guide for inheritors provides the honest advice you need to make the best decision for your family.
Worried about fakes? Learn more in our guide to counterfeit coins and currency.
Why do our buyers pay more? Read why savvy collectors choose American Rarities.
More on U.S. paper money: sell paper money to American Rarities, U.S. paper currency information and our paper money price guide.
Further reading: BEP National Bank Notes fact sheet, American Numismatic Association exhibit on National Bank Notes, Wikipedia: National Bank Note and the Wikipedia article on National Gold Bank Notes.

Note images: several via Wikimedia Commons (Godot13), licensed CC BY-SA 3.0 or CC BY-SA 4.0 as credited in each caption; the note designs themselves are public domain U.S. currency. See our image credits.

National Currency Notes: Quick Answers

What is a National Currency note?

U.S. paper money issued from 1863 to 1935 by nationally chartered banks. It says “National Currency” at the top and names the bank, its town and its charter number.

What is the charter number on a National Bank Note?

The number, from 1 to 14348, the Comptroller of the Currency gave the bank when it was chartered. It identifies the bank and is key to rarity.

How much is my National Bank Note worth?

It depends on the bank and town, state or territory, type and series, denomination and condition. Notes from rare banks or territories can be worth much more.