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Olevian Numismatic Rarities

1902 $5 Large Size National Bank Note Mellon National Bank of Pittsburgh // PMG Certified CH63 // Serial Number 3

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Product Description

Offered here is a 1902 large-size, $5 National Bank Note from the Mellon National Bank in Pittsburgh. The note is adorned with a red seal and has the distinction of carrying an extremely low serial number of only 3!

National Bank Notes (NBN) form the most plentiful and extensive series of United States paper money ever printed. These notes were issued from 1863 to 1935 by thousands of individual banks around the country and in denominations ranging from $1 to $1,000. The National Banking Act of 1863 first granted charters to banks that allowed them to issue their own notes, but only up to 90% of the value of U.S. bonds previously deposited with the government as collateral. Each bank had its own charter number, which appeared on all notes after 1875. Bank charters were valid for 20 years and could be renewed for 20 more.

A total of 3 federally designated charter periods occurred over the course of the NBN Program. NBN’s, although issued by individual banks, were otherwise conventional U.S. banknotes and were produced by the U.S. Bureau of Engraving and Printing under the same conditions as regular treasury notes, which co-circulated. The basic designs of the NBN are the same for all banks. The notes differ only by bank name and charter number, bank signatures, and coat of arms of the state in which the bank was located. The original NBN’s measured approximately 7.4 x 3.1 inches.

As a cost-cutting measure, the size of NBN’s was reduced in 1929 to the present-day smaller dimensions. Notes dated 1929 were issued from 1929 to 1935 and are classified into 2 types. Type 1 was issued from 1929-1933 and lists the charter number twice, whereas Type 2 was issued from 1933 to 1935 and lists the charter number 4 times.

Product Details
  • Measurements
    8"L x 4.25"W x 0.1"H
  • OriginUnited States

— Series: 1902
— Type: National Bank Note
— Size: Large
— Denomination: $5
— Charter: 6301

Quality Assurance:
The product offered for sale in this listing has been certified by one or more professional certification services, so you can be confident in the authenticity and stated condition.

FAQ
Are these notes valuable?

Yes, these notes continue to be valuable and will likely be in the future.

Shipping Information
  • Shipping Availability
    Canada, United States
  • Shipping Policy
    Discounted Shipping
  • Discounted Shipping
    $15.00 first item / $15.00 each additional
  • Ship In
    2-3 weeks
  • Return Policy
    Final sale, not eligible for return or cancellation

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