Thursday, October 11, 2012

National Currency Notes

As a resident of the city of State College here in Central Pennsylvania, I was surprised to learn that years ago this city was home for a US National Bank that issued money. The photograph below depicts a US $20 National Currency note issued by the First National Bank of State College in 1929.

US $20 National Note issued by the First National Bank of State College in 1929 [click to expand]

National Notes were issued by banks who received a charter from the US government authorizing such banks to issue money. The Government Printing Office printed these notes with the same design as other US currencies with the exception of including the name of the issuing bank, signatures of the bank officers, and the charter number. National Currency notes were printed in the US between 1863 to 1929.

I have to wonder if this currency innovation might be repeated in the US sometime in the future.

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Unknown said...

What an interesting bit of history. I often think of moving to Pennsylvania when I retire, partly because it seems home to so many peculiar and quirky artifacts and histories, which appeals to me.

But why, or what, makes you wonder that banks might do this again in the future? It seems a retrograde notion.

Dr William J McKibbin said...


Pennsylvania is truly a great place to retire if you enjoy four distinct seasons (which I do) -- here in State College, we also have the advantage of not having to run either our heaters or air conditioners for 4-5 months out of each year.

Regarding currencies, look over the related articles to this post and you will see some information about alternative currencies used in years past across the US -- the future is likely to witness a more innovative approach to currency usages than we have seen in the past couple of decades -- during my life, I have seen Federal Reserve Notes, Silver Certificates, Treasury Notes, and silver coinage all used as legal tender -- I anticipate that alternatives to Federal Reserve Notes will soon be introduced in the US in the coming years.

Thanks for you comments...

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