Fr 590 1902 DB $5 Charter #924 National Bank Note – Metacomet National Bank, Fall River, MA

This is a truly exceptional and historically significant piece of American paper money! Let’s break down all the details of your Fr. 590 1902 DB $5 National Bank Note from The Metacomet National Bank in Fall River, MA, PCGS graded Gem New 65PPQ.

Understanding National Bank Notes

National Bank Notes were a unique form of currency issued by individual national banks throughout the United States from 1863 to 1935. Under the National Banking Acts, these banks were required to purchase U.S. government bonds and deposit them with the U.S. Treasury. In return, they were allowed to issue their own banknotes, backed by those bonds, which were redeemable in gold or lawful money.

Each note features the name of the issuing bank, its city, and state, along with the signatures of the bank’s president and cashier. This makes National Bank Notes incredibly diverse and highly collectible, as they tell the story of thousands of individual banks across the country.

Deconstructing Your Note’s Description

Let’s look at each element of your note’s description:

• Fr. 590: This is the Friedberg number, a cataloging system for U.S. paper money. “Fr.” stands for Robert Friedberg, who authored “Paper Money of the United States.” The Friedberg number specifically identifies the series and design type of the note. In this case, Fr. 590 corresponds to a 1902 Series, $5, Date Back (DB) National Bank Note, 2nd issue of the Third Charter Period.

  • 1902 Series: This refers to the series year, which is when the design was authorized. National Bank Notes were issued in Series 1875, 1882, 1902, and 1929.
  • $5: The denomination.
  • DB (Date Back): The reverse (back) of the note features a large stylized “1902” date, along with the phrase “ACT OF MARCH 14, 1900.” This distinguishes it from “Plain Back” notes of the same series.
  • Third Charter Period: National Bank Notes were issued under three charter periods, which generally define the design styles and duration of the bank’s charter. The 1902 Series falls within the Third Charter Period.

• 1902 DB: As explained above, this confirms the specific series and the design on the reverse of the note.

• $5: The denomination of the note.

• Charter #924: This is the unique identification number assigned by the U.S. Treasury to The Metacomet National Bank when it received its national bank charter. This number is crucial for collectors as it identifies the specific bank that issued the note.

• The Metacomet National Bank in Fall River, MA:

  • Issuing Bank: This is the specific bank that issued your note. National Bank Notes are collected not only by type and series but also by the specific bank and location. Notes from smaller, less prolific banks, or those with unique histories, can be more valuable.
  • Fall River, MA: The city and state where the bank was located. Fall River was a significant industrial city in Massachusetts, particularly known for its textile mills.
  • Bank History: The Metacomet National Bank was chartered on May 26, 1864, and liquidated on February 24, 1903. It was absorbed by B.M.C. Durfee Trust Company in 1928, along with the Massasoit-Pocasset National Bank. The Metacomet National Bank originally started as “The Metacomet Bank of Fall River” in 1853. The fact that your note is from the 1902 Series, and the bank liquidated in 1903, means it was issued towards the very end of this bank’s independent existence as a national bank. This adds a layer of historical interest.

• Serial Number 38825L: This is the individual serial number of your specific note. The “L” suffix indicates the plate position of the note on the sheet (typically L for left).

• Plate #350: This identifies the specific printing plate used to produce the sheet of notes from which your note came. Collectors of certain series or banks may specialize in plate numbers.

• PCGS Currency Gem New 65PPQ: This is the professional third-party grading assigned to your note, and it’s a very high grade!

  • PCGS Currency: This refers to the Professional Coin Grading Service’s banknote grading division (now PCGS Banknote). They are one of the most respected and trusted third-party grading services for paper money, providing authentication and a standardized grade.
  • Gem New 65: This is the numerical grade on a 70-point scale. “Gem New” (or Gem Uncirculated) means the note is in superb, original condition with no evidence of circulation or handling. A grade of 65 is very high, indicating exceptional centering, crispness, and overall eye appeal for an uncirculated note.
  • PPQ (Premium Paper Quality): This is a critical designation. “PPQ” signifies that the note exhibits “Premium Paper Quality,” meaning it has no signs of any alterations, repairs, or detrimental treatments. It retains its original paper texture, crispness, and vibrant ink colors. For notes graded 65 and higher, PCGS (and PMG, another major grader) requires the PPQ/EPQ (Exceptional Paper Quality) designation, as it’s assumed notes in this high uncirculated range should inherently possess original paper quality.

Value and Collectibility

This is a very desirable note for several reasons:

1. High Grade: A “Gem New 65PPQ” grade for a large-size National Bank Note from the 1902 series is exceptional. Many surviving National Bank Notes are in much lower circulated grades.
2. Historical Significance: National Bank Notes are historically important as they represent the decentralized banking system of the late 19th and early 20th centuries.
3. Bank Collectibility: Notes from specific banks and locations are highly sought after by collectors specializing in particular states or charter numbers. Fall River, MA, is a known area for collectors of Massachusetts national bank notes.

Based on recent market trends and the superb grade, your Fr. 590 1902 DB $5 from The Metacomet National Bank, Charter #924, graded PCGS Currency Gem New 65PPQ, would be a high-value piece. While exact real-time prices fluctuate, such a note could easily command several thousand dollars, potentially ranging from $2,000 to $5,000 or even higher depending on specific eye appeal, collector demand for notes from this particular bank, and the venue of sale (e.g., major auction house vs. dealer). The combination of a strong charter, a high grade, and the PPQ designation makes this a premium collectible.