A Type Rarity: The Series of 1902 Red Seal National Bank Notes

First issued in 1902, the earliest National Bank Notes to be issued under the long-lived Series of 1902 featured a distinctive red overprint that set them apart from subsequent types that were issued after 1908. Today these notes are scarcely encountered even for denominations like the $5 and $10, and higher denominations (with the exception of the $20) are exceptionally rare. This results from two primary factors.

First, the passage of the Aldrich – Vreeland Act in 1908 prompted the introduction of two new types that succeeded earlier types in circulation including the Series of 1902 Red Seals. The Series of 1902 Date Backs featured an altered securities clause and the dates “1902 – 1908” on the back to emphasize that these notes were authorized under the aforementioned legislation. And, notably, the red overprint was replaced with a denim-blue shade that was continued through the 1920s.

Second, the number of large banks that chartered or rechartered during the 1902 – 1908 period was relatively small in comparison to the glut of rural banks that organized under the loosened requirements of the Gold Standard Act of 1900. This allowed for the formation of banks capitalized at $25,000 with a minimal circulation of $6,250. Many of these institutions lacked the resources to issue high denominations and opted to keep their minimal circulation at or somewhere close to that figure, explaining the extreme rarity of many Series of 1902 Red Seals.

These factors prompted the creation of a numismatic rarity regardless of the state or issuing bank. Even examples of this short-lived type from a common bank like the First National Bank of the City of New York (Charter #29) trade at a significant premium compared to later types and the offerings are infrequent.

We are pleased to offer a truly exceptional example of this short-lived type in our Summer 2025 Global Showcase Auction. We anticipate it will draw strong attention and bids from the cadre of collectors who specialize and collect the state it represents.

For more information about our auctions or to consign your numismatic items, please call 800-458-4646 or email [email protected].