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Old Money from The First National Bank Of Cedar Falls | 2177

The First National Bank Of Cedar Falls

The First National Bank Of Cedar Falls in Iowa printed $177,750 dollars worth of national currency. That is a small output. National bank notes from here should be scarce. This national bank opened in 1874 and stopped printing money in 1893, which equals a 20 year printing period. That is a fairly normal lifespan for a national bank. During its life, The First National Bank Of Cedar Falls issued 10 different types and denominations of national currency. We have examples of the types listed below. Your bank note should look similar. Just the bank name will be different. For the record, The First National Bank Of Cedar Falls was located in Black Hawk County. It was assigned charter number 2177.

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The First National Bank Of Cedar Falls in Iowa printed 1,000 sheets of $1 original series national bank notes. A print range between 1,000 and 2,500 is small. Combine that with something that was printed before 1875 and you can imagine that these notes are few and far between. One of the most interesting things about early first charter one dollar national bank notes is all of the different slight variations you can find. Some notes have a red charter number, others do not. Some have red serial numbers and some have blue serial numbers. Some are printed on white paper and others are printed on paper with a slight blue tint. You can really find lots of different ways to collect these. Generally speaking, prices for “first charter aces” are down from their highs. So there are some bargains in this arena of collecting.
Original Series $1 National Bank Note

The First National Bank Of Cedar Falls printed 1,000 sheets of $2 original series national bank notes. It is important to know production numbers for original series two dollar bills for informational purposes. All $2 bills printed before 1875 are very rare and highly desirable. Most survivors represent the only known example for that bank. Collectors call these $2 bills lazy deuces. The large two on the face of the bill is pictured horizontally, thus making it look lazy. Don’t be fooled by the silly name though. These can be worth significant amounts of money on many occasions.
Original Series $2 National Bank Note

The First National Bank Of Cedar Falls also printed 1,500 sheets of $5 original series national bank notes. A print range between 1,000 and 2,500 is small. Combine that with something that was printed before 1875 and you can imagine that these notes are few and far between. Each five dollar original series bank note has a spiked red seal. That is pretty much the only design difference between it and later issues. These are really beautiful notes. One neat thing about these is that the back of each note has a vignette of the corresponding state seal. Some of the state seals are very imaginative. Collecting by state seal was very popular early on in the hobby. Today most collectors are more concerned about bank of issue and condition. Serial number one bank notes are also extremely popular.
Original Series $5 National Bank Note

The First National Bank Of Cedar Falls also printed 200 sheets of $10 original series national bank notes. Any issue of less than 1,000 sheets should be considered extremely scarce. The survival rate for that output is miniscule at best. Rarities like this are of extremely high interest to us. These notes were issued during the glory days of the national bank note era. Each $10 bill was pen signed by the president and cashier of the bank. Small towns and large cities both issued these notes. Of course the small town issuers tend to be scarcer today. Prices range from $500 to thousands of dollars (and more if the condition and rarity warrant it). Contact us if you need help valuing your bank note.
Original Series $10 National Bank Note

The First National Bank Of Cedar Falls also printed 200 sheets of $20 original series national bank notes. That issue number may or may not sound like a lot of sheets depending on your experience with collectible currency. However, all original series $20 bills are rare. The production amount is irrelevant when it comes to values. These seem like common issues until you want to buy one. These just aren’t readily available from rare banks in very fine or better condition. We definitely feel like these are undervalued in today’s market.
Original Series $20 National Bank Note

The First National Bank Of Cedar Falls also printed 280 sheets of $1 series of 1875 national bank notes. It is rare to see a sheet output of under 1,000 like this. However, it did happen for some very scarce issuers. Series of 1875 one dollar first charter national bank notes were only printed between 1875 and 1878. That is the shortest production period of any national bank note. That doesn’t automatically mean that these are worth thousands of dollars, but they could be. Collectors often don’t differentiate between original series and 1875 notes because they look so similar.
Series of 1875 $1 National Bank Note

The First National Bank Of Cedar Falls also printed 280 sheets of $2 series of 1875 national bank notes. If you are lucky enough to have a two dollar note from 1875 then don’t get too hung up on the number of bills printed. All notes are rare and in demand; we would be happy to help you value yours. There was only one $2 bill printed per sheet of national currency. So that sheet number also equals the total number of bank notes printed for the denomination. And as we said above, these were also only printed until 1878. That is one of the main reasons they are so rare today.
Series of 1875 $2 National Bank Note

The First National Bank Of Cedar Falls also printed 3,520 sheets of $5 series of 1875 national bank notes. Hundreds of banks had sheet outputs between 2,500 and 5,000. That is pretty typical for a medium sized national bank in the 1870s. Series of 1875 $5 bills are some of the most commonly encountered bank notes from the first charter series. Only the original series $1 bill is more available. Some banks exclusively issued five dollar bills. So if you want an example from one of those banks then you don’t have many options. These notes have a rounded red seal and red serial numbers. They also all have a red charter number.
Series of 1875 $5 National Bank Note

The First National Bank Of Cedar Falls also printed 1,219 sheets of $10 series of 1875 national bank notes. Any time you see a print range between 1,000 and 2,500 you can assume that the bank was small and that their notes could be fairly scarce. The two vignettes seen on 1875 $10 bank notes are “Franklin and Electricity” and “America Seizing Lightning”. These notes occasionally confuse novices because the year 1752 is printed on them. That is when Benjamin Franklin discovered electricity. It has nothing to do with when these bank notes were issued. The back of each $10 bill has “DeSoto Discovering the Mississippi.”
Series of 1875 $10 National Bank Note

The First National Bank Of Cedar Falls also printed 1,219 sheets of $20 series of 1875 national bank notes. The exact number of series of 1875 $20 national bank notes printed by this bank is good to know. Don’t expect a high number to lower the value or a small number to increase the value. These notes are scarce enough on their own that the stats don’t really matter. Twenty dollars was a lot of money between 1875 and 1901, which is the time period in which these were printed. These just weren’t saved in high numbers.
Series of 1875 $20 National Bank Note

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