FRtR > Essays > Central Banking in the US > National banking Acts of 1863 and 1864 > National Bank Note

A Brief History of Central Banking in the United States


National Bank Note

*** Text ***

This 1929 note was issued by the Atlanta and Lowry National Bank. The writing over the red seal reads, "Redeemable in lawful money of the United States at United States Treasury or at the bank of issue." At the time, lawful money referred to gold coin, silver coin, gold or silver certificates, or United States notes. The reverse is the same as modern $20 Federal Reserve notes.

The writing over the portrait of Andrew Jackson reads, "National currency secured by United States bonds deposited with the Treasurer of the United States of America." This refers to the requirement of the National Banking Acts that the amount of currency a national bank could issue be based on the market value of Treasury bonds on deposit with the Comptroller of the Currency.

Who knows? Perhaps this very bill was used to buy a ticket to the premeir of Gone With the Wind.

*** Text ***