Pick up two Series 1929 National Bank Notes from the same bank and the same denomination, and you might swear they are identical. Same brown Treasury seal. Same signatures. Same general layout. But flip them over, study the charter number placement, and suddenly you are looking at two very different collectibles. The Type 1 versus Type 2 distinction in the Series 1929 National Bank Note series is one of the most consequential, and most frequently misunderstood, classifications in all of small-size United States currency collecting. Getting it right can be the difference between paying fair market value and significantly overpaying, or between recognizing a sleeper at a coin show and walking right past it.
A Brief History of the Series 1929 National Bank Notes
National Bank Notes had been a cornerstone of American currency since the National Currency Act of 1863, originally issued in large-size format with individual bank portraits, regional vignettes, and elaborate designs that varied by denomination. When the federal government standardized all paper money to the smaller 6.14 by 2.61 inch format beginning in 1928, National Bank Notes got their final makeover as well. The Series 1929 notes were printed beginning in 1929 and continued until the Federal Reserve Note system rendered them obsolete. The last National Bank Notes were issued in 1935, when the Federal Reserve officially absorbed the national banking system’s currency functions.
Unlike Federal Reserve Notes or Silver Certificates of the same era, Series 1929 National Bank Notes carried the name, charter number, and location of the issuing bank printed directly on the face of the note. This makes them inherently local artifacts, connecting a piece of currency directly to a specific community, and it is precisely why so many collectors pursue them as a reflection of American banking history in their own hometowns.
The Core Difference: How to Tell Type 1 from Type 2
The distinction between Type 1 and Type 2 comes down to one specific design element: the placement and frequency of the bank’s charter number on the face of the note.
Type 1 Notes
On a Type 1 note, the bank’s charter number appears twice on the face, printed in black ink within the body of the note’s design. Specifically, the charter number appears once on the left side and once on the right side of the note, but it does NOT appear in the brown Treasury seal area or as an overprint in the serial number panels. The charter number is incorporated into the printed plate design itself, which means it was part of the original engraved plate used for that specific bank. The serial numbers on Type 1 notes consist of a letter prefix, six digits, and a letter suffix, such as A000001A.
Type 2 Notes
Type 2 notes are visually similar but include an additional overprinting of the charter number. On a Type 2, the charter number appears a total of four times on the face: twice in the same locations as on the Type 1, plus two additional times within the serial number panels themselves, printed in black alongside the serial number. The serial number format on Type 2 notes also changes slightly, incorporating the charter number as a prefix before the serial digits. This overprint was applied separately from the main plate printing, giving Type 2 notes their distinctive appearance once you know what to look for.
The fastest way to identify a Type 2 note in the field is to look at the serial number panels. If you see the charter number printed in black ink immediately before the serial number digits, you are holding a Type 2. On a Type 1, the serial number panels contain only the standard letter-number-letter format with no charter number alongside it.
Why Were Two Types Produced?
The Bureau of Engraving and Printing initially prepared individual intaglio plates for each issuing bank, incorporating the charter number into the plate itself. This was an expensive and labor-intensive process. As the program expanded and hundreds of additional banks requested notes, the BEP developed a more efficient method: printing a general plate and then overprinting the charter number during the serial number application stage. This saved significant time and plate preparation costs, but it resulted in a visually different product. The transition from Type 1 to Type 2 production generally occurred around 1933, though the exact crossover point varied by bank and denomination.
It is important to note that not every bank received both types. Some banks received only Type 1 notes because they closed or stopped ordering currency before the Type 2 process was implemented. Other banks, particularly those that continued operating through 1933 and into 1935, received Type 2 notes as their primary or sole issue. A small number of larger banks received substantial quantities of both types. This uneven distribution is a major driver of the relative rarity between the two types for any given bank.
Signature Combinations on Series 1929 Notes
Both Type 1 and Type 2 notes carry the signatures of the Comptroller of the Currency and the Treasurer of the United States printed on the face, along with the individual bank’s president and cashier signatures. For federal officers, the Series 1929 notes are found with the following combinations:
- Jones-Woods: Walter O. Woods as Treasurer, W. T. Jones as Comptroller. This is the most common combination, found on notes issued from 1929 through approximately 1933.
- Some notes also carry the signatures of later Comptrollers as personnel changed during the extended production run through 1935.
The bank officer signatures, printed from a separate plate, vary enormously since each bank had its own president and cashier. Finding a note signed by a historically significant local banker adds another layer of collecting interest that is unique to the National Bank Note series.
When researching a specific note, cross-reference the issuing bank’s charter number against Don Kelly’s “National Bank Notes: A Guide with Prices” or the online database maintained by the National Bank Note Census. These resources will tell you exactly how many notes of each type are known to survive for your specific bank, which is far more meaningful than general rarity guidance for the series as a whole.
Rarity and Value: Why Type Matters Enormously
In general terms, Type 2 notes are considerably scarcer than Type 1 notes for most banks and denominations. Because Type 2 production was confined to a shorter window (roughly 1933 to 1935) and because many banks had already closed during the Great Depression’s banking crises of 1930 to 1933, the pool of banks issuing Type 2 notes was significantly smaller than those issuing Type 1. For some banks, a Type 2 note is a genuine rarity with only a handful of known examples, while the same bank’s Type 1 notes might be relatively obtainable.
However, this is not a universal rule. For banks that operated heavily during the Type 2 era and ordered large quantities of notes in 1933 to 1935, Type 2 notes can actually be more plentiful than Type 1. Context is everything. A $5 Type 2 from a major city bank with large print runs might sell for $75 to $150 in circulated condition, while a $5 Type 2 from a small-town bank with a surviving population of three or four notes could easily bring $1,500 or more at auction.
Denomination also plays a role. The $50 and $100 denominations are substantially scarcer across both types simply because fewer were printed and far fewer have survived. A $100 Type 2 note from almost any bank is a significant find. The $5 and $10 denominations represent the bulk of surviving notes and offer the most accessible entry point for new collectors.
Grading Considerations Specific to 1929 Nationals
Series 1929 National Bank Notes present some grading challenges that are slightly different from other small-size issues. Because these notes were issued by individual banks and often circulated locally until they were worn out, truly high-grade examples are proportionally scarcer than for Federal Reserve Notes of the same period. Many notes that avoided heavy circulation did so because they were saved as souvenirs by bank employees or community members, and these often survive in VF to EF grades rather than true uncirculated condition.
PCGS Currency and PMG both attribute Series 1929 National Bank Notes by type, bank name, charter number, and denomination, which makes third-party grading especially valuable for this series. A PMG or PCGS-slabbed note with confirmed type attribution eliminates any guesswork and is essential for higher-value examples. Be cautious about raw notes described as Type 2 without a clear photograph of the serial number panel showing the charter number overprint.
Many collectors specialize in assembling a complete denomination set from a single bank, or in collecting notes from every bank that operated in a specific county or state. This “geographic collecting” approach often makes Type 2 notes from smaller communities the most difficult pieces to acquire. If you find a Type 2 note from a bank with a known surviving population of fewer than ten examples in any grade, strongly consider it for purchase regardless of condition.
Notable Banks and Their Type Distinctions
Some of the most sought-after Series 1929 notes come from banks in small towns that issued only a single sheet run before closing. Charter 13764, the First National Bank of Rices Landing, Pennsylvania, for example, is documented with extremely limited surviving notes across both types. By contrast, larger institutions such as charter 2370, the First National Bank of Chicago, issued substantial quantities of both Type 1 and Type 2 notes across all five denominations, making them far more accessible but less individually dramatic.
Single-note banks, institutions for which only one example is currently known to exist in any denomination and type, represent the pinnacle of National Bank Note rarity. Both Type 1 and Type 2 single-note banks exist, and when they appear at auction, they routinely set records. Heritage Auctions and Stack’s Bowers regularly handle significant National Bank Note consignments, and their archives provide invaluable price realized data for serious researchers.
| Type / Denomination | Typical Issuing Context | Relative Survival | Rarity |
|---|---|---|---|
| Type 1, $5 | Most chartered banks, 1929-1933 | Highest survival rate of series | Common |
| Type 1, $10 | Most chartered banks, 1929-1933 | High survival, widely collected | Common |
| Type 1, $20 | Most chartered banks, 1929-1933 | Moderate survival | Common |
| Type 2, $5 | Banks operating 1933-1935 only | Moderate, varies sharply by bank | Scarce |
| Type 2, $10 | Banks operating 1933-1935 only | Moderate, varies sharply by bank | Scarce |
| Type 2, $20 | Banks operating 1933-1935 only | Lower survival than Type 1 equivalent | Scarce |
| Type 1, $50 | Most chartered banks, limited orders | Low survival due to denomination | Rare |
| Type 1, $100 | Most chartered banks, limited orders | Low survival due to denomination | Rare |
| Type 2, $50 | Fewer issuing banks, post-1933 | Very low survival | Rare |
| Type 2, $100, small-town bank | Post-1933 banks, limited orders | Often fewer than 5 examples known | Key Date |
Building a Collection Around Type 1 and Type 2 Notes
For collectors just entering the National Bank Note market, starting with Type 1 notes in the $5 or $10 denomination from well-documented banks is a sensible approach. Budget-friendly examples in Fine to Very Fine condition are readily available from dealers and auction houses in the $75 to $200 range for common banks. As your knowledge grows, you can begin targeting Type 2 notes from specific geographic areas of personal interest, or chase the scarcer denominations.
Advanced collectors often pursue what is called a “state type set,” meaning one Type 1 and one Type 2 note from each state, or a complete denomination set (one of each denomination in both types) from a single bank. Either approach offers years of rewarding hunting. The National Bank Note Census, accessible online and continuously updated as new notes surface, is an indispensable tool for tracking what exists and what gaps remain in any collection strategy you choose to pursue.
Before purchasing any Series 1929 National Bank Note at a significant price, verify the charter number against the state and bank name printed on the note. Errors in attribution, while not common, do occur. The Comptroller of the Currency’s historical records, available through the National Archives, can confirm the exact name and location for every charter number issued, providing an authoritative cross-check for any note you are considering.
Conclusion: Two Types, One Essential Distinction
The Series 1929 National Bank Note series represents the final chapter of a uniquely American currency tradition stretching back more than seventy years. The Type 1 and Type 2 distinction, while seemingly minor on the surface, encodes meaningful information about when a note was produced, which banks were still viable during the darkest years of the Great Depression, and how the Bureau of Engraving and Printing adapted its production methods under pressure. Understanding this distinction does not just make you a more informed buyer. It connects you to the economic and social history embedded in every note.
Whether you are holding a well-circulated $5 Type 1 from a prosperous midwestern bank or a nearly pristine $20 Type 2 from a small New England community bank that survived the banking panics of the early 1930s, each note tells a story that no other American currency type can match. Take the time to learn the difference, consult the census resources, and collect with confidence.
