National Gold Bank Note Explained

Denomination:National Gold Bank Note
Country:United States Of America
Value:$5, $10, $20, $50, $100, and $500
Security Features:None
Years Of Printing:1870  - 1875
Obverse:US-NBN-CA-San Francisco-1741-1870-5-6758-B (obverse only).jpg
Obverse Design:Various
Obverse Design Date:1870s
Reverse:US-NBN-CA-San Francisco-1741-1870-5-6758-B (reverse only).jpg
Reverse Design:Ornamental with an array of United States gold coins
Reverse Design Date:1870s

National Gold Bank Notes were National Bank Notes issued by nine national gold banks in California in the 1870s and 1880s and redeemable in gold. Printed on a yellow-tinted paper, six denominations circulated: $5, $10, $20, $50, $100, and $500.[1] A $1,000 note was designed and printed but never issued.[2] During the issuing period of national gold banks (1871–83), the U.S. Treasury issued 200,558 notes[3] totaling $3,465,240.[1] Today, National Gold Bank Notes are rare in the higher denominations (and unknown on some issuing banks) with condition generally falling in the good-to-fine range. Approximately 630 National Gold Bank Notes are known to exist, and roughly 20 grade above "very fine".[4]

History

The National Gold Bank Notes were authorized under the provisions of the Currency Act of July 12, 1870.[5] The series was a result of the California Gold Rush, where gold coins were preferred in commerce.[6] Ten national gold banks were charted, nine of them in California and one in Boston, Massachusetts.

The Kidder Bank was the only bank to have $1,000 notes among others prepared, however, no notes circulated from the bank.[7]

Issuing banks

Issuers of National Gold Bank Notes[8]
TitleCity<--! scope="col" style="width:200px;" class="unsortable"Image IN PROGRESS-->CharterDate[9] DenominationsTotal issue
The Kidder National Gold BankBoston-->169915 Aug 187050, 100, 500, 1000[10] $120,000[11]
The First National Gold BankSan Francisco-->174130 Nov 18705, 10, 20, 50, 100, 500$1,185,000
The National Gold Bank and Trust CompanySan Francisco-->19943 Jun 18725, 10, 20, 50, 100, 500[12] $853,750
The National Gold Bank of D.O. Mills & Co.Sacramento-->201419 Jul 18725, 10, 20, 50, 100, 500$270,450
The First National Gold BankStockton-->207727 Jan 18735, 10, 20, 50, 100$414,700
The First National Gold BankSanta Barbara-->21047 May 18735, 10, 50, 100[13] $80,000
The Farmers National Gold BankSan Jose-->215821 Jul 18745, 10, 20, 50, 100$242,590
The First National Gold BankPetaluma-->219325 Sep 187410, 20, 50, 100$178,150
The First National Gold BankOakland-->224810 Apr 187510, 20$80,600
The Union National Gold BankOakland-->226620 May 187510, 20, 50, 100$40,000

Series overview

Complete type set of known denominations
ValueImagePlate datesSignaturesRemarks
$51870, 1872, 1873, 1874Edwin D. Morgan (cashier) and
Ralph C. Woolworth (president)[14]
427 reported
$10 1870, 1872, 1873, 1874, 1875Galen M. Fisher (cashier) and
Benjamin F. Ferris (president)[15]
117 reported
$201870, 1872, 1873, 1874, 1875Edwin D. Morgan (cashier) and
Ralph C. Woolworth (president)
71 reported
$50 1870, 1874Edwin D. Morgan (cashier) and
Ralph C. Woolworth (president)
7 reported[16]
$1001870, 1873, 1874, 1875Henry H. Atwater (cashier) and
Issac G. Wickersham (president)[17]
9 reported[18]
$500None known1870, 1872Unknown
$1,000None known1870Not issued

References

External links

Notes and References

  1. Zerbe. Farran. 1898 . National Gold Bank Notes. The Numismatist . 30. 1. 158. The American Numismatic Association. 27 May 2014.
  2. Friedberg & Friedberg, 2010, p. 160.
  3. Huntoon, 1996, p. 126.
  4. The National Bank Note Census . The National Currency Foundation . 13 May 2014. subscription .
  5. Web site: Collecting National Gold Bank Notes. www.numismaster.com.
  6. Web site: National Gold Bank Notes. www.hokanson-coins.com. 2012-06-05.
  7. http://www.coinworld.com/large-size-paper-money/ About Paper Money - Large-size paper money - Early federal issues
  8. Friedberg & Friedberg, pp. 160–63.
  9. Huntoon, 1996, p. 121.
  10. Huntoon, 1996, p. 122.
  11. Huntoon, 1996, p. 125.
  12. Huntoon, 1996, p. 123.
  13. Huntoon, 1996, p. 124.
  14. 1879 . Annual Report of the Comptroller of the Currency . 750. Office of the Comptroller of the Currency. 14 May 2014.
  15. 1876 . Annual Report of the Comptroller of the Currency . 756. Office of the Comptroller of the Currency. 14 May 2014.
  16. Friedberg & Friedberg, 2010, p. 162
  17. 1879 . Annual Report of the Comptroller of the Currency . 749. Office of the Comptroller of the Currency. 14 May 2014.
  18. Friedberg & Friedberg, 2010, p. 163