This lot is closed. Bidding ended on 12/31/2005.
"National Bank Notes" were a new form of paper money first issued in 1863 to stabilize the war time economy. Private banks were issued renewable national charters for a period of 20 years, and they could issue currency with a face value of up to 90% of their mandatory deposit of government issued bonds with the U.S. Treasury. Thousands of banks were granted charters and issued notes. This large sized $5 Rosencrans-Huston National Currency Note was issued in 1882 during the second charter period, by the American Exchange National Bank of New York. Notes from this charter period were issued until 1902. There is a portrait on the left of James Garfield, with an overprinted brown seal on the right side with blue serial numbers and a brown back. Grades Very Good. This note is extremely rare, with only five examples known to exist.