1902 Date Back $20 Cleveland, OH VF (CH#7)

1902 Date Back $20 Cleveland, OH VF (CH#7)

This large size National was issued by the First National Bank of Cleveland, Ohio. With an extremely low charter number of 7, that makes this bank one of the oldest banks to be charted in June of 1863. This a solid Very Fine note with no problems.

Currency Highlights:

  • These large size National Currency notes were issued beginning in early 1902.
  • Housed in an archival quality currency sleeve.
  • Circulated Date Back $20 note from Series 1902 in Very Fine condition.
  • Face: A portrait of Hugh McCulloch, Secretary of the Treasury from 1865-1869 and again from 1884-1885.
  • Back: Liberty 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 #7 indicates that this bank was organized in June of 1863.

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