1902 Plain Back $5.00 De Land, Il VF-25 PMG Net (Fr#607) CH#5699

1902 Plain Back $5.00 De Land, Il VF-25 PMG Net (Fr#607) CH#5699

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This attractive note was hand signed by the bank executives and was only issuable once the banks had purchased government secured bonds. An attractive note from De Land, Illinois.

Currency Highlights:
  • These large size National Currency notes were issued beginning in early 1902.
  • Housed in a mylar currency sleeve.
  • Circulated $5 note from series 1902 graded Very Fine-25 by PMG.
  • Face: A portrait of President Benjamin Harrison.
  • Back: An engraving of the pilgrims landing on Plymouth rock.
  • Signature combo of Elliott/Burke—Friedberg #607, CH#5699.

National Banknotes are a very popular area of U.S. paper money collecting. Add this nice collector’s 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.

Since over 12,000 banks were chartered and issued notes, these issues have become highly sought after by collectors. This bank issued a bit over 90 million dollars under this charter, and closed in 1929.

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