Phyllis W. writes: I have a $10 bill that says National Currency on the front, and under that it says secured by United States Bonds deposited with the treasurer of the United States of America. Then, in the middle of the bill it says The First National Bank of Shreveport. Under that it says, will pay to the bearer on demand ten dollars, Shreveport, Louisiana, November 3, 1906. In the top right hand corner it has anumber 131752 and under that it says Series of 1902. There is the letter “N” just off to the side of that. It also has the number 3595 stamped on it two times. There is a picture of a man and under his picture his name “William McKinley”. What is it? Currency or some type of bond? Is it worth anything?
You have a United States, National Currency Note issued by the First National Bank of Shreveport, Louisiana, charter number 3595. Based on the serial number, your note is “Third Charter, Plain Back, Blue seal (the 1902 series ran from 1902-1908).
The First National Bank of Shreveport was chartered on December 3, 1886 with capitol of $200,000. It was absorbed into the City National Bank of Shreveport (charter number 10870). It was later absorbed by other local banks and finally, in 1930, with The American National Bank of Shreveport (charter number 8440). This bank was placed in receivership on April 19, 1935 due to lack of sufficient assets (a casualty of the Depression).
The National Bank System was started after the Civil War to stabilize the economic system and to guarantee the redeemability of currency. The National Banking System ended in 1929. Note that these notes are still legal tender for face value but their collector value is far higher. Value depends on grade (condition). Approximate value range: $50 – $400.
For additional information see: National Currency.
