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Message:: [QUOTE="RickieB, post: 449263, member: 2486"]RichieB....As Mr. Kelly explains; It all began back on Feb 25, 1863 when Abe Lincoln signed legislation entitled" An Act to provide a National Currency, secured by a Pledge of United States Stocks, and to provide for the Circulation and Redemption thereof"! This provided for the establishment of National Banks and the Currency as we know it! The notes were issued from over 12,000 Banks between 1863 and 1935!The Banks had to have a capital of $50,000 or more and the lifespan of 20 years or less! At the start of the "Act" a total of 489 Banks organized under the provisions of the Act, of these 489 Banks, 98 Banks chose a 19 year lifespan, starting from their organization date.That choice would force many of them to liquidate 19 years later due to Congress not approving legislation to extend their chartwers in a timely fashion! The Series started out with the "Original Series Notes" and they were printed from 1863 to 1875 (in my collection, I have an Original Series $1 NY Note) in denominations of $1,$5,$10, $20, $50, $100 $500 and $1000. The earliest issues of Original notes did not bear the  Banks Cahrter# and were printed by private Bank Note Companies in NY City!!  After printing, they were shipped to Washington, D.C. where the Treasury Seal and Treasury SN were imprinted. The next Act was the  "Act of 1874"  June 30 1874 required that notes carry the Bank Charter number. On Series 1875 notes these numbers were printed in "RED" on the face of the note. In addition the Series 1875 note have a surcharge "Series 1875" next to one of the charter numbers. Also the National Gold Bank Notes was inspired by the Act of July 12, 1870.Folks out West did not trust paper money and dealt with mostly gold and silver as currency trade.Then in/on Jan 1, 1879 the Gov resumed specie payments, making all federal paper maoney redeemable in silver or gold coin! The Act of Jult 12, 1882 provided for a series of new note designs with $5, $10, $20 $50 and $100. Existing national banks had their corporate lives extended another 20 years!The Congressional actions lead to 3 distinct types of 1882 notes; 1882 Brown Backs, 1882 Date Backs and 1882 Value Backs.The 1882 value back came about when in 1915 the Aldrich-Vreeland Act no longer permitted the use of "other securties" to secure the their notes, only United States Bonds could be used/deposited. Banks tha were issuing Date Backs began issuing "value Backs"The face designs were the same as the date backs but the "other securties" clause was removed only in cases where a new plate was made. This resulted in Value Backs that are more plentiful with the "other securties clause" thatn without. The Issue ended in 1922.On all denominations except the $5 notes, Series 1882 is overprinted in "Blue" on the notes face. This overprint is not there on an 1882 Date Back,. "All 1882 Value Backs are scarce, but the  $50 and $1000 notes are extremely rare!!" Go find em Richie...there may still be some out there. Source: National Bank Note's 5th Edition, Author; Don C. Kelly[/QUOTE]

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