National Gold Bank Note

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.[nb 1] Approximately 630 National Gold Bank Notes are known to exist, and roughly 20 grade above "very fine".[4]

National Gold Bank Note
(United States Of America)
Value$5, $10, $20, $50, $100, and $500
Security featuresNone
Years of printing1870 – 1875
Obverse
DesignVarious
Design date1870s
Reverse
DesignOrnamental with an array of United States gold coins
Design date1870s

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]
Title City Charter Date[9] Denominations Total issue
The Kidder National Gold Bank[nb 2] Boston 1699 15 Aug 1870 50, 100, 500, 1000[11] $120,000[12]
The First National Gold Bank San Francisco 1741 30 Nov 1870 5, 10, 20, 50, 100, 500[11] $1,185,000[12]
The National Gold Bank and Trust Company San Francisco 1994 3 Jun 1872 5, 10, 20, 50, 100, 500[13] $853,750[12]
The National Gold Bank of D.O. Mills & Co. Sacramento 2014 19 Jul 1872 5, 10, 20, 50, 100, 500[13] $270,450[12]
The First National Gold Bank Stockton 2077 27 Jan 1873 5, 10, 20, 50, 100[13] $414,700[12]
The First National Gold Bank Santa Barbara 2104 7 May 1873 5, 10, 50, 100[14] $80,000[12]
The Farmers National Gold Bank San Jose 2158 21 Jul 1874 5, 10, 20, 50, 100[14] $242,590[3]
The First National Gold Bank Petaluma 2193 25 Sep 1874 10, 20, 50, 100[14] $178,150[3]
The First National Gold Bank Oakland 2248 10 Apr 1875 10, 20[14] $80,600[3]
The Union National Gold Bank Oakland 2266 20 May 1875 10, 20, 50, 100[14] $40,000[3]

Series overview
Complete type set of known denominations[8]
Value Image Plate dates Signatures[nb 3] Remarks[nb 4]
$5 alt1=$5 National Gold Bank Note, The First National Gold Bank of San Francisco 1870, 1872, 1873, 1874 Edwin D. Morgan (cashier) and
Ralph C. Woolworth (president)[15]		 427 reported
$10 alt1=$10 National Gold Bank Note, The First National Gold Bank of Oakland 1870, 1872, 1873, 1874, 1875 Galen M. Fisher (cashier) and
Benjamin F. Ferris (president)[16]		 117 reported
$20 alt1=$20 National Gold Bank Note, The First National Gold Bank of San Francisco 1870, 1872, 1873, 1874, 1875 Edwin D. Morgan (cashier) and
Ralph C. Woolworth (president)[15]		 71 reported
$50 alt1=$50 National Gold Bank Note, The First National Gold Bank of San Francisco 1870, 1874 Edwin D. Morgan (cashier) and
Ralph C. Woolworth (president)[15]		 7 reported[17]
$100 alt1=$100 National Gold Bank Note, The First National Gold Bank of Petaluma 1870, 1873, 1874, 1875 Henry H. Atwater (cashier) and
Issac G. Wickersham (president)[18]		 9 reported[19]
$500 None known 1870, 1872 Unknown[nb 5]
$1,000 None known 1870 Not issued[nb 6]

Footnotes
  1. "Any National Gold Bank Note in crisp new condition is practically unheard of and is an outstanding rarity. The general condition in which these notes are found is one of advanced circulation and notes in very fine or better condition are extremely rare."[2]
  2. The Kidder National Gold Bank ordered 250 notes which were returned (in full) to the comptroller of the currency's office.[10]
  3. On the notes illustrated.
  4. All population and issuance statistics cited are attributed to the National Bank Note Census and were retrieved mid-May, 2014.[4]
  5. $500 National Gold Bank Notes were issued by only three banks. Four notes have not been redeemed but to date none have been reported.[19]
  6. The $1,000 National Gold Bank Note was not circulated.

Notes
  1. Zerbe, Farran (1898). "National Gold Bank Notes". The Numismatist. The American Numismatic Association. 30 (1): 158. Retrieved 27 May 2014.
  2. Friedberg & Friedberg, 2010, p. 160.
  3. Huntoon, 1996, p. 126.
  4. "The National Bank Note Census". The National Currency Foundation. Retrieved 13 May 2014. {{cite journal}}: Cite journal requires |journal= (help)
  5. "Collecting National Gold Bank Notes". www.numismaster.com.
  6. "National Gold Bank Notes". www.hokanson-coins.com. Retrieved 2012-06-05.
  7. About Paper Money - Large-size paper money - Early federal issues Coin World
  8. Friedberg & Friedberg, pp. 160–63.
  9. Huntoon, 1996, p. 121.
  10. Huntoon, 1996, p. 118.
  11. Huntoon, 1996, p. 122.
  12. Huntoon, 1996, p. 125.
  13. Huntoon, 1996, p. 123.
  14. Huntoon, 1996, p. 124.
  15. Annual Report of the Comptroller of the Currency (Report). Office of the Comptroller of the Currency. 1879. p. 750. Retrieved 14 May 2014.
  16. Annual Report of the Comptroller of the Currency (Report). Office of the Comptroller of the Currency. 1876. p. 756. Retrieved 14 May 2014.
  17. Friedberg & Friedberg, 2010, p. 162
  18. Annual Report of the Comptroller of the Currency (Report). Office of the Comptroller of the Currency. 1879. p. 749. Retrieved 14 May 2014.
  19. Friedberg & Friedberg, 2010, p. 163

References
  • Friedberg, Arthur L.; Friedberg, Ira S. (2010). Paper Money of the United States: A Complete Illustrated Guide With Valuations (19th ed.). Coin & Currency Institute. ISBN 978-0-87184-519-1.
  • Huntoon, Peter W. (1995). United States Large Size National Bank Notes. Society of Paper Money Collectors, Inc. ISBN 0-9648774-1-4.
  • Annual Report of the Comptroller of the Currency (OCC) (Report). Office of the Comptroller of the Currency. 1876. Retrieved 14 May 2014.
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