1902 Red Seal National Bank Notes

1902 Red Seal National Bank Notes

1902 red seal national bank notes were printed between March 17th, 1902 and December 15th 1908. Literally thousands of national banks issued 1902 red seal national bank notes. For a bank to have issued red seals it would have to have been chartered between 1863 and 1868 or 1882 and 1888, and they would of course have to still be in business in when red seals were first printed in 1902. However, most banks that issued 1902 red seals were the ones that originally got their national charter between 1902 and 1908.
In 1900 legislation was enacted that allowed towns with a population of 3,000 people or more to charter a national bank. The bank had to have a capital of $25,000. These new lower requirements lead close to 3,000 small town banks to nationalize. The first national currency these banks issued were 1902 red seals. A lot of these banks were tiny and issued very few national bank notes. Even the banks that grew to be much larger and issued large amount of blue seals likely only issued a handful of red seal national bank notes.
Unlike other types of national bank notes, series of 1875, 1882 brown backs, and 1902 blue seals, 1902 red seals were only printed for about six years. The other types were printed for two decades or more.

$5 – Ben Harrison
$10 – William McKinley
$20 – Hugh McColluch
$50 – John Sherman
$100 – John J Knox

The $10 denomination was printed the most, followed by $20s and $5s. $50 and $100 notes are quite rare. Sadly though, these large denominations were mainly printed by huge banks. 1902 red seal national bank notes are usually in demand. In many cases they are a way to collect common banks in rare issues. If you have a 1902 red seal national bank note, please tell us about it. info@rarenationalcurrency.com.