1902 Red Seal $10 Cleveland, OH VF-25 PMG (Fr#613) CH#7487 Set

Currency Highlights:

• Charter # 7487, The National Commercial Bank of Cleveland, OH.
• These large size National Currency notes were issued beginning in early 1902.
• Both notes are housed in a mylar currency sleeve by PCGS.
• Both are certified Very Fine-25 PCGS, one has minor staining.
• Comments: Minor Staining.
• Face: Features a portrait of William McKinley at left, bold red Treasury seal and charter numbers, and “National Commercial Bank of Cleveland” across the center with classic large-size styling.
• Back: Displays an ornate green design with an engraving of Lady Liberty.
• Signatures Lyons/Roberts-Friedberg #613

National Banknotes are a very popular area of U.S. paper money collecting. Add this classic Red Seal National Bank Note Set to your collection—beautiful, historic, and always in demand!

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 #733 indicates that this bank was organized in 1865. 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. This particular note is from the first sheet of bank notes issued, which compounds its rarity due to the fact that it is a red seal.