1929 $20 The First National Bank & Trust Company Of Milford, Delaware Note // PMG Certified VF30 // Jones-Woods

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. Offered here is a 1929 small-size, $20 National Bank Note from the town of Milford Delaware.