RZM Fine Arts and Antiques Inc Presents: Ask the Appraiser

Good afternoon and wishing you a pleasant day. Here is my question that I’m hoping you’ll be able to answer. For many years my family has saved this ten-dollar bill. My grandfather gave it to my father who then gave it to me. I never could figure out why it was marked Ridgewood, New Jersey. Was that a normal thing years ago? I have never seen another one, ever. Of course, my father did tell us it was valuable. Is this bill, in fact, valuable? Have you personally seen anything like it before?  Please tell us Jon anything you know about this particular ten-dollar bill. 

Larry 

Larry, what you possess is a fine example of a Type 1 National Currency Bank Note. From 1863 to 1935, National Bank Notes were issued by banks throughout the country. Look carefully at the very top of the note. It reads, “NATIONAL CURRENCY.” It doesn’t read Federal Reserve Note. Please also note, that it has a brown seal, not green. What I personally like about your note is that it was issued by a local bank, The Citizens National Bank and Trust Company of Ridgewood, New Jersey. National Bank Notes were United States currency notes issued by National Banks that had been charted by the United States Government. The notes were backed by bonds the issuing banks were required to deposit in the United States Treasury. The banks could then issue banknotes worth up to 90 percent of the value of the bonds. Said banks were also required to have a redemption fund, in gold bullion on hand, amounting to 5% of any outstanding balance. These notes were not legal tender but could be used for payments to and by the federal government. These banknotes had the issuing bank’s national charter number and a serial number assigned to the note by the bank, not the Treasury Department. At the time your note was issued there were actually two banks in Ridgewood, New Jersey that issued National Currency notes. Each bank of course, had a different charter number assigned to it. Your note’s charter number is 11759, corresponding to that particular bank. The value of National Bank Notes largely depends on which bank issued the note and the condition. Smaller banks issued less notes making notes from these banks rare. I’m quite certain that a Ridgewood, New Jersey bank note is more appealing in this area than anywhere else in the United States. Likewise, a note similar to this, but issued from a bank in say in Iowa, is not as in demand here as it would be out west. Local Bergen County interest, and in particular collectors of New Jersey National Currency would be the right market for this item. Your particular ten dollar note appears clean, crisp and without staining or damage. It is a circulated note however, as I can see one crease or fold line. It is my opinion that the current market value for this desirable Ridgewood, New Jersey National Currency Note is $900 USD. Please keep this note in a plastic sleeve to protect it from any moisture or damage. Thank you for allowing our readers to view a National Bank Note.