The Last Chapter of National Banking: Why 1929 Matters
When the Federal Reserve Board and the Comptroller of the Currency standardized all National Bank Notes into a single small-size format beginning in July 1929, they unknowingly set the stage for one of the richest collecting fields in American numismatics. The Series 1929 National Bank Notes, issued in denominations from $5 through $100, were the final curtain call for a system that had operated since the National Currency Act of 1863. By June 1935, the last charters had expired or been surrendered, and the era of locally branded federal currency was over forever.
For $5 collectors specifically, the Series 1929 issue breaks into two distinct varieties, universally called Type 1 and Type 2, that look nearly identical at first glance but carry significant premium differences at auction. Understanding which banks issued one type, both types, or neither is the foundation of building a serious collection in this series.
Type 1 vs. Type 2: The Definitive Visual Breakdown
Both Type 1 and Type 2 $5 notes share the same basic design. The face shows Abraham Lincoln at center, surrounded by ornate green lathe work, with the issuing bank name printed prominently across the top. The back reproduces the Lincoln Memorial in a brown-toned engraving. What separates the types is subtle but unmistakable once you know what to look for.
On Type 1 notes (Fr. 1800-1), the bank charter number appears twice on the face of the note: once in the upper left and once in the upper right, printed in black within the body of the note design. On Type 2 notes (Fr. 1800-2), the charter number appears four times: the two original positions are retained, but two additional printings of the charter number are added in brown ink on the left and right margins of the note face, outside the main design border. This additional printing was implemented by the Bureau of Engraving and Printing beginning in late 1933 to help Federal Reserve Banks sort returned currency by issuing institution more efficiently.
The serial number format also differs. Type 1 serials run from 000001A through a maximum of 999999A for each sheet prefix letter. Type 2 serials continue in sequence from where the Type 1 printing left off, sometimes picking up mid-letter. Both types carry the brown Treasury seal and the single Jones-Woods signature combination (W.O. Woods as Treasurer, W.H. Woodin and later Henry Morgenthau Jr. as Secretary of the Treasury, though the printed signatures on the notes reflect the Jones-Woods pairing throughout).
When examining a 1929 $5 National, flip it face-up and look at the left and right outer margins. If you see the charter number printed there in brownish ink, you have a Type 2. No marginal charter numbers means Type 1. A loupe at 5x magnification makes this check effortless even on circulated notes.
Why Not Every Bank Issued Both Types
The transition from Type 1 to Type 2 printing began in late 1933 and continued through 1935. Not every national bank survived long enough to receive a Type 2 allocation. Bank failures during the Great Depression, voluntary liquidations, charter expirations, and consolidations through merger all removed institutions from the issuing pool before the BEP began applying the extra charter number printings.
Additionally, the quantity of notes printed for each bank depended entirely on that bank’s capitalization and note-circulation application. A small rural bank in Nebraska might have received only a single sheet order of $5 notes totaling 6,000 notes, all delivered in 1929 or 1930, making a Type 2 from that institution a practical impossibility. Conversely, large money-center banks in New York, Chicago, and St. Louis often received multiple successive orders spanning both type periods.
The Comptroller of the Currency records, now housed at the National Archives, and the database compiled by the Society of Paper Money Collectors (SPMC) and Don Kelly’s landmark reference work “National Bank Notes: A Guide with Prices” (5th edition) document known survivors by bank and type. Kelly’s census remains the definitive resource for collectors attempting to determine whether a Type 2 exists for a given bank.
A State-by-State Guide to Dual-Type Issuers
The following breakdown represents an overview of collecting conditions by state, drawn from census data and auction records. States are grouped by the general availability of dual-type issuers, meaning banks confirmed to have issued both Type 1 and Type 2 $5 notes.
States With Many Dual-Type Issuers (50 or More Banks)
New York: New York had more national bank charters than any other state, and a correspondingly high number of dual-type $5 issuers. Major New York City banks such as the First National Bank of the City of New York (Charter 29) and the National Park Bank of New York (Charter 891) are confirmed dual-type issuers, though notes from these large institutions are more common than those from small upstate towns. Collectors should target small-charter upstate New York banks where even Type 1 notes are scarce; finding a Type 2 from a bank like the First National Bank of Canajoharie (Charter 1059) elevates any collection.
Illinois: Chicago’s banking community was robust through the early 1930s, giving Illinois a strong pool of dual-type issuers. The First National Bank of Chicago (Charter 8) is an iconic dual-type issuer, with Type 1 notes available in lower grades for under $100 and Type 2 notes commanding $150 to $300 in VF condition. Downstate Illinois, particularly towns with populations under 5,000, often produced only Type 1 notes before local banks closed.
Pennsylvania, Ohio, Iowa, and Missouri round out the large dual-type issuer states, each with between 60 and 120 confirmed banks known to have printed both types in the $5 denomination.
States With Moderate Dual-Type Representation (10-49 Banks)
Texas: Texas had hundreds of national bank charters but suffered catastrophic bank failures between 1931 and 1933. This means a surprisingly high number of Texas banks issued only Type 1 notes. Confirmed dual-type Texas $5 issuers are found primarily in the larger cities, Houston, Dallas, San Antonio, and Fort Worth. Any Type 2 $5 from a small Texas town is a legitimate rarity.
Minnesota, Wisconsin, Indiana, and Kansas each produced a moderate number of dual-type issuers, generally concentrated in their larger commercial centers. Rural banks in these states overwhelmingly represent Type 1-only issuers.
The SPMC’s “National Bank Note Census” database at NBNCensus.com is an essential free tool. Enter any charter number and denomination to see how many Type 1 and Type 2 notes are reported by collectors. A bank showing zero Type 2 survivors is either a Type 1-only issuer or a key rarity waiting to be discovered in a dealer’s stock.
States and Territories With Very Few or No Dual-Type Issuers
Nevada: Nevada had only a handful of national bank charters active in 1929, and the state’s small economy meant tiny note allocations. The First National Bank of Nevada in Reno (Charter 7038) is one of the very few Nevada banks with confirmed $5 notes in both types, making any Nevada $5 National a trophy piece. Values for Nevada Type 2 $5 notes in Fine condition routinely exceed $2,000.
Alaska, Hawaii (then a Territory), and New Mexico present similar collecting conditions. Most territorial banks issued only Type 1 notes, and any confirmed Type 2 from these regions represents a significant numismatic find.
Wyoming and Montana: Ranching and mining economies supported only small note populations. Several Wyoming banks are known exclusively from single-digit population reports, making both type examples genuinely rare.
Notable Dual-Type Issuers Worth Targeting
Certain banks have become cornerstone pieces for competitive collectors because they issued both types in the $5 denomination but survive in documented quantities small enough to make the chase worthwhile. Among the most pursued are the First National Bank of Deadwood, South Dakota (Charter 2068), the Citizens National Bank of Gastonia, North Carolina (Charter 9151), and the First National Bank of Abbeville, Louisiana (Charter 7736). All three are confirmed dual-type issuers, all three have Type 2 populations in the low single digits based on current census data, and all three last appeared at major auction in Fine or better condition with realized prices between $1,500 and $4,800.
At the other end of the spectrum, building a complete Type 1 and Type 2 set from major metropolitan banks, the First National Bank of Boston (Charter 200), the Merchants National Bank of Indianapolis (Charter 868), or the Continental Illinois National Bank and Trust Company of Chicago (Charter 8), is achievable in circulated grades for well under $1,000 per type.
Grading matters enormously for Type 2 rarities but is less critical for common-bank Type 1 notes where pleasing appearance outweighs certified grade. For any note expected to retail above $500, PMG or PCGS Currency certification is strongly recommended. The holder protects the note and the population data helps anchor your investment.
Signature and Seal Considerations for the $5 1929 National
Unlike large-size National Bank Notes, which spanned multiple signature combinations across decades, the Series 1929 issue carries only one printed signature pairing on all types and denominations. W.O. Woods served as Treasurer of the United States from May 1929 through January 1933, and his name paired with Secretary of the Treasury Ogden Mills (and briefly Andrew Mellon) appears on the BEP print plates throughout the series. However, for practical collecting purposes, every Series 1929 $5 National Bank Note reads the same in the signature panel regardless of when it was actually printed or delivered. This simplifies the series considerably compared to large-size issues.
The brown Treasury seal is uniform across all Type 1 and Type 2 $5 Nationals. Do not confuse this with the brown seals on 1928-series Legal Tender Notes; the National Bank Note brown seal is smaller and positioned differently on the design field.
| Bank and Charter | State / Type | Est. Known Population | Rarity |
|---|---|---|---|
| First National Bank of Nevada, Reno (Ch. 7038) | Nevada, Type 2 | 2-3 known | Key Date |
| First National Bank of Deadwood (Ch. 2068) | South Dakota, Type 2 | 4-5 known | Key Date |
| First National Bank of Abbeville (Ch. 7736) | Louisiana, Type 2 | 3-4 known | Key Date |
| Any National Bank, Wyoming (various charters) | Wyoming, Type 1 | Under 20 per bank | Rare |
| Citizens National Bank of Gastonia (Ch. 9151) | North Carolina, Type 2 | 5-8 known | Rare |
| First National Bank of Chicago (Ch. 8) | Illinois, Type 2 | 100+ known | Scarce |
| First National Bank of Boston (Ch. 200) | Massachusetts, Type 1 | 200+ known | Scarce |
| National Park Bank of New York (Ch. 891) | New York, Type 1 | 500+ known | Common |
| Continental Illinois Natl. Bank Chicago (Ch. 8) | Illinois, Type 1 | 300+ known | Common |
| Merchants National Bank of Indianapolis (Ch. 868) | Indiana, Type 1 and 2 | 150+ each type | Common |
Building a Collection: Three Proven Approaches
The scale of the Series 1929 $5 National Bank Note series means collectors must choose a focus. Three approaches have proven most rewarding over time.
The State Set: Collect one Type 1 and one Type 2 from each state and active territory. This 102-note goal (50 states plus territories, two types each, minus territories that never produced Type 2 notes) is achievable for a dedicated collector over several years and produces a geographically stunning display. Budget collectors can acquire many common-bank examples for $60 to $120 each in circulated grades.
The Single-State Deep Dive: Choose one state and attempt to document every issuing bank for the $5 denomination in both types. Illinois and Pennsylvania collectors have completed this challenge; Wyoming and Nevada collectors are still working toward it. This approach requires original research and produces genuine contributions to numismatic knowledge.
The Charter Number Specialist: Some collectors pursue notes by early charter number, seeking out the oldest national banks (charters under 500) across both types. These early-charter notes often come from banks in the original New England and Mid-Atlantic states, many of which survived well into the 1929 era, and they carry enormous historical resonance.
When purchasing Series 1929 $5 Nationals from dealers or at auction, always cross-reference the charter number against Don Kelly’s “National Bank Notes” price guide and the online NBNCensus population data before bidding. A note listed as “rare” by a generalist dealer may actually be a common-bank issue with dozens of known survivors. Doing five minutes of research can save you from significantly overpaying.
Conclusion: A Field Rich With Discovery
The Series 1929 $5 National Bank Note represents the final expression of a 70-year American experiment in decentralized currency issuance. The Type 1 and Type 2 distinction, seemingly minor at first glance, opens a vast collecting landscape where every state tells a different story about which banks survived the Depression, which thrived, and which closed before history could record their final notes. Whether you are hunting a two-known Type 2 from a small Nevada bank or simply assembling a modest state collection in Very Fine condition, the 1929 $5 National rewards patience, research, and a genuine love of American banking history. The notes are out there, in collections inherited and estates unsettled, waiting for the collectors who know exactly what to look for.
