National Nevada Banknotes
Elko, Eureka, Reno
1929
National Bank Notes were United States currency issued by National Banks chartered by the United States Government. The notes were usually backed by United States bonds the bank deposited with the United States Treasury. In addition, banks were required to maintain a redemption fund amounting to five percent of any outstanding note balance, in gold or "lawful money"
Prior to the American Civil War, state banks issued their own banknotes. During the Civil War, in 1863, the National Banking Act established a system of National Banks which were empowered to issue National Bank Notes subject to federal oversight. From 1863 to 1935, National Bank Notes were issued by banks throughout the country. Banks with a federal charter would deposit bonds in the US Treasury. The banks then could issue banknotes worth up to 90% of the value of the bonds. The federal government would back the value of the notes.
Large Size Notes: Except for the last few years of issue, most National Bank Notes were large-sized. Large-size notes bore two serial numbers. The Treasury serial number indicated the total number of notes of that series and denomination issued by all banks. The bank serial number indicated the number of notes of that series and denomination issued only by that bank.
Small Size Notes: Each denomination now had the same portrait and, except for minor variations, the same decorative features that would characterize all types of United States currency from the late 1920s to the early 1990s. The elaborate rendition of the bank's name was omitted from engraved design, but was now simply over-stamped in black ink.
Below are examples of Nevada National Banknotes.
Prior to the American Civil War, state banks issued their own banknotes. During the Civil War, in 1863, the National Banking Act established a system of National Banks which were empowered to issue National Bank Notes subject to federal oversight. From 1863 to 1935, National Bank Notes were issued by banks throughout the country. Banks with a federal charter would deposit bonds in the US Treasury. The banks then could issue banknotes worth up to 90% of the value of the bonds. The federal government would back the value of the notes.
Large Size Notes: Except for the last few years of issue, most National Bank Notes were large-sized. Large-size notes bore two serial numbers. The Treasury serial number indicated the total number of notes of that series and denomination issued by all banks. The bank serial number indicated the number of notes of that series and denomination issued only by that bank.
Small Size Notes: Each denomination now had the same portrait and, except for minor variations, the same decorative features that would characterize all types of United States currency from the late 1920s to the early 1990s. The elaborate rendition of the bank's name was omitted from engraved design, but was now simply over-stamped in black ink.
Below are examples of Nevada National Banknotes.
Farmers and Merchants National Bank of Eureka
Serial Number : 432
Date: 1929
Cashier: CL Tobin
President: Jerry Sheehan
Charter: 11784
Condition: Very Fine
This was the last national bank that the state chartered during the period when national banknotes were issued. Chartered in 1920, it lost its charter in 1935. Sheehan and Tobin were close friends back to the days of working at the First National Bank of Winnemucca.
2,772 ten dollar bills were issued. This is the highest serial number of the seventeen surviving bills.
Serial Number : 432
Date: 1929
Cashier: CL Tobin
President: Jerry Sheehan
Charter: 11784
Condition: Very Fine
This was the last national bank that the state chartered during the period when national banknotes were issued. Chartered in 1920, it lost its charter in 1935. Sheehan and Tobin were close friends back to the days of working at the First National Bank of Winnemucca.
2,772 ten dollar bills were issued. This is the highest serial number of the seventeen surviving bills.
First National Bank of Elko
Serial Number 97
Date: 1929
Cashier: Charles Alvin Sewell
President: EE Ennor
Charter: 7743
Condition: Fine+
This bank was chartered on May 16, 1906 with a starting capital of $100,000. The bank was sold in 1936 to the First National Bank of Nevada, Reno.
This note was previously unreported and brings the number of Elko $20’ to eleven.
Serial Number 97
Date: 1929
Cashier: Charles Alvin Sewell
President: EE Ennor
Charter: 7743
Condition: Fine+
This bank was chartered on May 16, 1906 with a starting capital of $100,000. The bank was sold in 1936 to the First National Bank of Nevada, Reno.
This note was previously unreported and brings the number of Elko $20’ to eleven.
Reno National Bank
Serial Number : 6
Date: 1929
Cashier: HH Kennedy
President: George Wingfield
Charter: 8424
Condition: Fine
The Reno National Bank was originally organized by George Nixon (US Senator) as the Nixon National Bank in 1906. When Nixon died in 1912, the bank’s control was sold to George Wingfield. He had the name changed in 1915.The bank went into receivership on December 9, 1932 during the Great Depression.
Nineteen $100 bills are currently reported of the 2,124 that were issued. This is the lowest serial number of the only bank in Nevada to issue small size $100 bills.
Serial Number : 6
Date: 1929
Cashier: HH Kennedy
President: George Wingfield
Charter: 8424
Condition: Fine
The Reno National Bank was originally organized by George Nixon (US Senator) as the Nixon National Bank in 1906. When Nixon died in 1912, the bank’s control was sold to George Wingfield. He had the name changed in 1915.The bank went into receivership on December 9, 1932 during the Great Depression.
Nineteen $100 bills are currently reported of the 2,124 that were issued. This is the lowest serial number of the only bank in Nevada to issue small size $100 bills.
There were only 16 Nevada National Banks that issued banknotes from 13 different cities. This small number of banks with relatively small issue runs make all Nevada Banknotes valuable and popular with collectors.
The Nevada National Banks include:
1. First National Bank (Austin): There are no known notes from this short-lived 1860’s bank.
2. First National Bank of Carson City: This bank only lasted from 1908 to 1910 and only one note is known to still exist.
3. First National Bank of Elko: Chartered from 1905 to 1935.
4. Copper National Bank of Ely: 7,000 notes were issued from here, but only four are known to exist today.
5. Ely National Bank: Chartered from 1909 to 1939.
6. Farmers and Merchants National Bank of Eureka: Only issued notes in the 1929 series.
7. First National Bank of Goldfield: Operated from 1908 to 1913. Only one note is known to survive.
8. First National Bank of Lovelock: Chartered from 1905 to 1935.
9. McGill National Bank: Chartered from 1909 to 1934.
10. Farmers and Merchants National Bank of Reno: Lasted from 1903 to 1929.
11. First National Bank of Reno: This was a name change form the Farmers and Merchants Bank.
12. Nixon National Bank of Reno: Prolific issuer of banknotes from 1906 to 1915.
13. Reno National Bank: Originally organized as the Nixon National Bank. Closed its doors in 1932.
14. First National Bank of Rhyolite: This bank only lasted four years from 1907 to 1910. There are no known notes.
15. Nevada First National Bank of Tonopah: In operation from 1907 to 1932.
16. First National Bank of Winnemucca: This bank lasted quite a while: from 1886 to 1932.
The Nevada National Banks include:
1. First National Bank (Austin): There are no known notes from this short-lived 1860’s bank.
2. First National Bank of Carson City: This bank only lasted from 1908 to 1910 and only one note is known to still exist.
3. First National Bank of Elko: Chartered from 1905 to 1935.
4. Copper National Bank of Ely: 7,000 notes were issued from here, but only four are known to exist today.
5. Ely National Bank: Chartered from 1909 to 1939.
6. Farmers and Merchants National Bank of Eureka: Only issued notes in the 1929 series.
7. First National Bank of Goldfield: Operated from 1908 to 1913. Only one note is known to survive.
8. First National Bank of Lovelock: Chartered from 1905 to 1935.
9. McGill National Bank: Chartered from 1909 to 1934.
10. Farmers and Merchants National Bank of Reno: Lasted from 1903 to 1929.
11. First National Bank of Reno: This was a name change form the Farmers and Merchants Bank.
12. Nixon National Bank of Reno: Prolific issuer of banknotes from 1906 to 1915.
13. Reno National Bank: Originally organized as the Nixon National Bank. Closed its doors in 1932.
14. First National Bank of Rhyolite: This bank only lasted four years from 1907 to 1910. There are no known notes.
15. Nevada First National Bank of Tonopah: In operation from 1907 to 1932.
16. First National Bank of Winnemucca: This bank lasted quite a while: from 1886 to 1932.