Estate sale find - National Currency question

dcarr

I bought the note pictured below at a local estate sale yesterday. I don't think I have ever bought a large size National Currency note before. The price was right and so I couldn't pass it up. I collect Colorado-related items, so this is a neat thing for me. I know that this issuing town has a premium value due to scarcity and mining history. I found a similar one that sold on Heritage in 2007:
https://currency.ha.com/itm/national-bank-notes/central-city-co-5-1902-plain-back-fr-604-the-first-nb-ch-2129/a/448-13240.s?ic4=ListView-ShortDescription-071515

From the somewhat limited familiarity that I have with these National Bank Notes, I understand that there are three different "Third Charter Period" issues:
1st: red seal & serial numbers, "1902 - 1908" date on back;
2nd: blue seal & serial numbers, "1902 - 1908" date on back;
3rd: blue seal & serial numbers, no date on back.

The Heritage note and my note appear to be the same 3rd issue, with the same signatures (Fr. 604).

BUT,

My note has some differences:
two large blue "W" next to the charter numbers;
lower left serial number is different than the upper right serial number;
the upper right serial number has a letter prefix and a letter suffix.

The Heritage note:
does not have the large blue "W";
the lower left serial number is the same as the upper right serial number;
the serial numbers do not have any letter prefix or suffix.

This makes me think maybe there should be a classification for a "4th" issue, since the differences are significant ? Do collectors in general care about these particular differences and/or do they attempt to acquire both types for a "complete" collection ?

.

numbersman

Firstly,great note.The differences you mention are due to different print runs...your note was the earlier of the two.The differences hold no additional value.That stated,some collectors would want both types.The HA note is a higher grade note and sold 11 years ago in a VERY different marketplace.When the HA note was sold Kelly's book shows a population of 1 uncut sheet (4 notes) and 5 large size.Today,T&P shows 39 large and the last sold via Lyn Knight Auctions in 2014 for $977.50 in VF 25 (again,a higher grade than yours).Hope this info is helpful to you.

dcarr

@numbersman said:
Firstly,great note.The differences you mention are due to different print runs...your note was the earlier of the two.The differences hold no additional value.That stated,some collectors would want both types.The HA note is a higher grade note and sold 11 years ago in a VERY different marketplace.When the HA note was sold Kelly's book shows a population of 1 uncut sheet (4 notes) and 5 large size.Today,T&P shows 39 large and the last sold via Lyn Knight Auctions in 2014 for $977.50 in VF 25 (again,a higher grade than yours).Hope this info is helpful to you.

Thanks for the great info. Was the 2014 Lyn Knight sale for a 3rd charter period $5 ?
My understanding is that the earlier (circa 1875) Central City notes are less rare than later notes. This is because Central City was a gold mining boom town in the 1870s. But by the turn of the century it was nothing like earlier times.

numbersman

The Knight note was the same period note but it was a $20.

sellitstore

The differences between your note and the Heritage example are the result of two changes made during the 1924-25 time period. Both are considered third charter plain backs although they are distinct varieties. The plain backs were issued 1915-29.

Both the regional letter (W=West) and the single serial number were introduced 1924-25, so your note was printed after then (1925-29) while the Heritage note is from the 1915-24 period. The regional letter made sorting after redemption easier for the govt. and the two serial numbers used until the 1920s represented a federal serial number and a bank serial number. I guess that by the mid 1920s it was determined that a single serial number was sufficient.

dcarr

@sellitstore said:
The differences between your note and the Heritage example are the result of two changes made during the 1924-25 time period. Both are considered third charter plain backs although they are distinct varieties. The plain backs were issued 1915-29.

Both the regional letter (W=West) and the single serial number were introduced 1924-25, so your note was printed after then (1925-29) while the Heritage note is from the 1915-24 period. The regional letter made sorting after redemption easier for the govt. and the two serial numbers used until the 1920s represented a federal serial number and a bank serial number. I guess that by the mid 1920s it was determined that a single serial number was sufficient.

Thanks, that explains it pretty well.

As time went by, Central City issued fewer notes. So I would expect that mine from the 1925-1929 time period would be scarcer than ones from 1915-1924 (although that doesn't really matter to the majority of collectors).

johnny9434

i like that $5 bill.

rpw

There's actually three different varieties.
1.) Treasury serial with regional designation.
2.) Treasury serial without regional designation.
3.) No Treasury serial.
Not all banks issued every variety. No difference in value.

There's also NBN's where the bank signed or stamped the signatures and then switched over to letting the Treasury engrave them. I assume these are rare. I've never seen a pair of the same denomination.