We often see American currency notes featuring presidents or those central to the founding of the United States. Most of those individuals are recognizable; some are not. However, Whitman Publishing’s 100 Greatest American Currency Notes Series gives us the opportunity to learn more about how rare notes came to be and who is featured on them. That is certainly the case with this next middle of the road pick in the series. Authors Q. David Bowers and David M. Sundman will clue us in on the early 1900s note.
#59 – Portrait of a Numismatist $100 National Bank Note, Series of 1902, Red Seal
A portrait of John Jay Knox appears on the face of the $100 Red Seal note. A comptroller of the currency (1872-1884), a financier, and an intelligent numismatist, Knox was the mastermind behind the Coinage Act of 1873. The Act demonetized silver and pushed the nation towards the gold standard, and authorized the production of the trade dollar, among other things. While Knox is a central figure on the note for many reasons, the $100 denomination also draws interest based on the bright red Treasury seal on the right side of the note. Other denominations featuring the red seal include $5, $10, $20, and $50. Both the $10 and $100 are the rarest of the group.
When it comes to the Series 1902, it was created after the authorization of the Act of April 12, 1902, which dealt with the extension of bank charters. New designs were to be featured after charters were extended, and new banks were chartered from 1902 and afterward. The Act was to be active for 20 years. However, the Aldrich-Vreeland Act of May 30, 1908 (the Emergency Currency Act), would “alter the provisions under which notes could be issued,” according to authors Bowers and Sundman. This would mean that the notes would need a different imprint. The backs of the 1882 and 1902 series notes would be revised to read the dates 1882-1908 and 1902-1908. This would then end the Series 1902 Red Seal notes in 1908.
The $100 denomination featured has just an estimated 160-200 known notes in existence.
In 1960, the historic market value for the Series 1902 Red Seal $100 National Bank Note in a Very Fine condition was $350. By this publication (2006), it climbed to $10,000.
