This lot is closed. Bidding ended on 5/21/2006.
"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-Nebecker National Currency note was issued in the second charter period, which began in 1882, by The National Union Bank of New York. Featuring a portrait of President James Garfield on the left and overprinted with a brown seal on the lower right. This is a very scarce note with the rare "Date Back." There are only 11 pieces known from this bank.