This large size National was issued by the Merchants National Bank of New Bedford, Massachusetts.
- These large size National Currency notes were issued beginning in early 1902.
- Housed in an archival quality currency sleeve.
- Circulated Plain Back $20 note from Series 1902 in Fine Details condition. This note has staining and some water damage.
- Face: A portrait of Hugh McCulloch, Secretary of the Treasury from 1865-1869 and again from 1884-1885.
- Back: A woman holding a torch in one hand and a fasces in the other.
Since over 12,000 banks were chartered and issued notes, these issues have become highly sought after by collectors. Add this nice collectors item to your cart today!
This note was the last series of National Currency Notes that were first issued in 1863. This type was conceived by Secretary of the Treasury Salmon P. Chase who devised a system of nationally chartered banks. Individual banks purchased U.S. government bonds and deposited them with the comptroller of the currency. For up to 90% of the profit, the comptroller would authorize the production of notes bearing the individual bank’s name.
A lower Charter #799 indicates that this bank was organized in February of 1865. The census lists only 57 Large Size notes known from this bank listed in Kelly.