This lot is closed. Bidding ended on 5/21/2006.
"National Bank Notes" were a new form of paper money first issued in 1863 to stabilize the war time economy. Private banks were issued renewable national charters for a period of 20 years, and they could issue currency with a face value of up to 90% of their mandatory deposit of government issued bonds with the U.S. Treasury. Thousands of banks were granted charters and issued notes. This large sized $20 Lyons-Treat National Currency note was issued in the third and final charter period, which began in 1902, by The Public National Bank and Trust Company of New York. Notes from this charter period were issued until 1929. Featuring a portrait of Hugh McCulloch on the left and overprinted with a blue seal on the lower right. McCulloch was the first Comptroller of the Currency (1863-1869). $20 National Bank Notes are very hard to find.