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1902 Plain Back $5.00 Boston, MA Serial # 1 XF-40 PMG (CH #603)

1902 Plain Back $5.00 Boston, MA Serial # 1 XF-40 PMG (CH #603)

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This is serial # 1. This is a large size National, issued by the New England National Bank of Boston, MA. At first glance the note looks Almost Uncirculated. It is very conservatively graded by PMG as Extra Fine-40. This note has a few pinholes.

Currency Highlights:
  • These large size National Currency notes were issued beginning in early 1902.
  • Housed in an archival quality currency sleeve and graded by PMG.
  • Lightly circulated Plain Back $5.00 red seal note from Series 1902 in Extra Fine-40 condition with pinholes, as noted on the holder.
  • Serial # 1. All Serial #1 notes are RARE in ANY condition from ANY bank.
  • Lyons/Roberts signatures—Friedberg #587
  • Face: A portrait of President Benjamin Harrison.
  • Back: An engraving of the Pilgrims landing.
  • Charter #603.

Major collections of bank notes have been built around Serial #1 notes. They are a KEY in any collection. Some 12,000 banks were chartered and issued notes and 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.

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