1902 Plain Back $5.00 Pittsburgh, PA Fine (CH#5225)

1902 Plain Back $5.00 Pittsburgh, PA Fine (CH#5225)
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This large size National was issued by the Bank of Pittsburgh, National Association. The bank was chartered in 1899 and closed in 1931. This bank assumed the business of the Columbia National Bank of Pittsburgh when that bank went under in 1927.

Currency Highlights:

  • These large size National Currency notes were issued beginning in early 1902.
  • Housed in an archival quality currency sleeve.
  • Circulated Plain Back $5 note in Fine condition.
  • Face: A portrait of President Benjamin Harrison.
  • Back: An engraving of The Landing of the Pilgrims.
  • Charter #5225 indicates that this bank was organized in October of 1899.

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This note was the last of the Large Size 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. Since over 12,000 banks were chartered and issued notes, these issues have become highly sought after by collectors.

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