Found at Bank: Series of 1929

[J.A. Collection]

So, during my daily routine of bringing in a bundle of $1 bills to exchange for more $1 bills (to look for older bills and/or star notes), the teller asked if I was interested in these: So, of course, I said yes! I guess the $10 one came in thru the drive-thru earlier today and the teller had the $100 in her drawer - both exchanged at face value.

 

I'm trying to figure out if these are Type 1 or Type 2. Also, why are there 'blocked' out sections near the signatures?Also, what grade would you give to these bills?See more journals by KK4FPK

[Jack Robinson]

 

Hi,

 

Nice bills.

______

 

In both of your images the titles that I refer to as Secretary and Treasurer are hard to decifer. What ever the two titles are, my explaination still holds.

_____

 

I am only guessing but, I did notice that on the $10 bill [M.M] Bill, the secretary, is listed as the secretary (the same word that is blacked out on the $100 bill, that is signed by the Deputy Governor).

 

Also, on the $100 bill the Illinios Governor's signature is listed while on the $10 bill where the Georgia Governor's signature appears, the "Treasurer" title is blacked out.

 

I would suggest that on the $100 bill the black bar was improperly off-set and did not properly cover the non-appropriate title.

 

Did you notice that the two names printed along the top of the $10 and $100 bills, are the same?

 

A more detailed research could be done to find out why, if it was not common, the Illinios Governor and Deputy Governor signatures where used on the 1929 $100 bill. I bet it would be an interesting topic.

 

I hope I helped. Best of luck on your adventures in finding your answers.

 

Jack

 

 

 

 

[HiHoAudio]

The $10 note looks to be VG while the $100 is at least F and perhaps VF.

 

Fantastic find, and just shows it pays to be nice to bank tellers.

[J.A. Collection]

This is what I was told by a fellow-collector:

 

These FRBNs were an emergency issue intended to get more cash into circulation during the Depression. So the BEP didn't have the time to engrave plates specifically for FRBNs; they just used the existing National Currency plates, and instead of overprinting the notes with the name of some National Bank and the signatures of that bank's officers, they overprinted the relevant information for some Federal Reserve Bank.

 

That caused a minor glitch with the signers' titles. National Banks have presidents, but the top officer of a Federal Reserve Bank was (at the time) called a governor. So when the BEP printed the governor's signature on these FRBNs, they also had to overprint the title "Governor" and black out the title "President" that was already present on the National Currency stock.

 

The other signer is supposed to be the bank cashier, which title was the same at the Federal Reserve Banks as at the National Banks. Trouble was, the BEP didn't have signature specimens of all twelve FRBs' cashiers on hand. And because the FRBNs were, again, an emergency issue, the BEP didn't want to take the time to have the FRB mail them a signature specimen. Instead, if they didn't have the cashier's signature handy, they just substituted the signature of some other random FRB officer, requiring the title "Cashier" to be blacked out and replaced too.

 

Nobody was particularly happy with the appearance of the FRBNs, but they got the job done. The plan was that, eventually, the BEP would engrave new plates specifically for the FRBNs, avoiding all of the above issues. But in fact the need for the FRBNs didn't turn out to be as great as initially feared, and so the BEP already had quit printing them long before the new designs were ready. So they all look like this....

[jtryka]

Awesome finds! You should go buy a lotto ticket with that kind of luck!