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Any photos not otherwise credited are from the personal collection of Frank Passic, Albion Historian.
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Morning Star, March 17, 2024, pg. 7 From the Civil War era up into the Great Depression of the 1930s, federally chartered banks, called National Banks, issued banknotes in the name of each bank. The notes were authorized by the U.S. Treasury Department, and were printed in various denominations. Each local National bank would deposit a particular amount of bonds into the U.S. Treasury to "cover" the value of the banknotes. The top portion of the notes would contain the Federal information such as the signatures of the Treasurer of the United States and the Register of the Treasury. Federal serial numbers would be added, as well as the official Seal of the U.S. Treasury Department. The center of these notes would contain the name of the local bank and its Federal charter number. At the bottom would be found locally-signed signatures of the bank president and cashier. There would also be a local serial number at the bottom to indicate the sheet number from which the note had come. Notes were printed and delivered to each bank in sheets containing 4 notes each. A typical sheet would contain three $10 notes and one $20, commonly written as 10-10-10-20 by collectors today. That was big money back then folks, quite literally, because in those days our "large size" currency measured 7.375 x 3.125 inches. It wasn't until 1929 that our paper money was reduced by one-third to 6.14 x 2.61 inches. When the notes arrived at the bank, the cashier had to individually sign his name at the bottom on the left, and the bank president signed it on the right. The fun part came when notes were individually cut from the sheets. Some banks literally cut them off individually with scissors one-at-a-time, while others used paper cutters. When the notes were being designed and prepared for each bank, the Bureau of Engraving and Printing would produce a "proof note" for inspection before production began. The Smithsonian's National Numismatic Collection in Washington, D.C. has these proof notes in its collection, including those prepared for the National Exchange Bank of Albion, the First National Bank of Albion, and their successor, the Albion National Bank. You can access photographs in a search engine by typing "The National Numismatic Collection." When that appears, click "Collections" at the top. Then scroll down to the "Search the Collections" button, click it, and then type in "Albion, Michigan certified proofs" in the space provided. Check the box that states "Show Only Items With Images," then hit "Search." The Albion notes will appear on a page, but take note that some are from other Albions, such as in New York. Note: The Jackson's national banks and Concord also issued notes, too. You can access them the same way by typing in the names of those towns. The Albion National Bank was in existence from 1905 to 1912. It issued $69,400 worth of currency consisting of $10 and $20 bills. As notes became worn, they were turned in and the Treasury recorded the results. The amount of real circulating notes still outstanding was down to $1,990 by 1916. From our Historical Notebook this week we present the $20 proof note for the Albion National Bank. It contains a portrait of Hugh McCulloch, the Comptroller of the Currency from 1863 to 1865. A real note would have contained a Treasury seal printed in red, with a red bank charter number. The national signatures are those of U.S. Treasurer Ellis Henry Roberts, and Register of the Treasury Judson Whitlock Lyons. The red stamp on the right was added later, and states, "Bureau of Engraving and Printing, SPECIMEN." The name "The Albion National Bank" is in the center, with an ordering date of "Dec. 17, 1904" below. Albion's charter number "7552" is contained in several locations in the border area. There is space at the bottom for the signatures of the local bank Cashier, and bank President. After all my years of searching, I've never come across a real circulation Albion National Bank note. Until such time that one surfaces however, this proof photo will have to suffice. How many of our readers have National Bank Notes in their own collections?  The $20 Proof Note for the Albion National Bank
All text copyright, 2026 © all rights reserved Frank Passic | Artwork copyright Maggie LaNoue © 2026
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