Here is a Series 1929 $20 National Note that was issued by The Commercial National Bank and Trust Company of Philadelphia, Pennsylvania. This bank is listed in the Kelly census with 70 Small Size notes known.
- These small size National Currency notes were issued beginning in early 1929.
- Housed in an archival quality currency sleeve.
- Evenly circulated $20 note from series 1929 in Very Fine condition.
- Face: Features a portrait of President Andrew Jackson.
- Back: Displays an engraving of the White House.
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This series 1929 $20 National Note was issued by The Commercial National Bank and Trust Company of Philadelphia, Pennsylvania. Charter #3604 denotes that this bank was originally chartered in 1886.
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.