This listing is for the photographed 1929 10 Dollar National Currency (Federal Reserve Bank Note), issued by the Otselic Valley National Bank of South Otselic New York. The charter number of these issued notes is 7774. This note is the rarer first type of South Otselic issued national bank notes, as seen by the difference in serial numbers compared to other issue types. Fine condition, signs of circulation due to age. Rarer issued note because of its National Bank issuer and type, making it a must have for any collection! Fr. 1801-1 (Friedberg Number 1801-1).
In 1929, all Federal currency was transitioned from large sized to small sized notes in order to produce uniform and cheaper bank notes. These series 1929 small size National Bank Notes were issued from 1929 until the end of the National Bank Era in 1935. There were two types of National Bank Notes issued during this time, which had the same design but with different overprints. Type 1 notes were issued from July 1929 to May 1933 with the charter number overprinted twice in black on the ends of the obverse of the note, these notes were of the first issued National Bank Notes, making them more valuable than their Type 2 counterparts. Type 2 notes were issued from May 1933 to 1935 with the charter number overprinted four times, twice in black on the ends of the note, and twice in brown before the notes serial number. Small size National Bank Notes are commonly mistaken for the 1933 emergency issue of Federal Reserve notes, as they both used the same plate design. The easiest way to spot the difference between the two notes is to determine whether they were issued by a National Bank or a Federal Reserve Bank.
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1929 South Otselic New York 10 Dollar National Currency Note - Type 1 Note - 1929 Brown Seal Ten Dollar NY National Bank Note - Fr. 1801-1