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Old Money from The Merchants National Bank Of Cedar Rapids | 2511

The Merchants National Bank Of Cedar Rapids

The Merchants National Bank Of Cedar Rapids in Iowa printed $3,931,370 dollars worth of national currency. Over $1,000,000 face value is a lot of money. However, some types and denominations of currency from this bank could still be rare. This national bank opened in 1881 and stopped printing money in 1935, which equals a 55 year printing period. That is considering a long operation period for a national bank. During its life, The Merchants National Bank Of Cedar Rapids issued 16 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 Merchants National Bank Of Cedar Rapids was located in Linn County. It was assigned charter number 2511.

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The Merchants National Bank Of Cedar Rapids in Iowa issued 10,600 sheets of $5 series of 1875 national bank notes. That is a high issue number for a national bank. You are likely not dealing with a rare bank note. However, the exact value is still based on condition and a number of other factors. You might be surprised at the value. 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 Merchants National Bank Of Cedar Rapids printed 108 sheets of $50 series of 1875 national bank notes. The printing number for original series $50 bills is irrelevant. There are only about 35 known to exist from all banks in the country. To make matters worse, these are not being discovered much at all these days. The supply is pretty constant, as is the demand. Prices start at about $10,000 and can go up sharply from there.
Series of 1875 $50 National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 108 sheets of $100 series of 1875 national bank notes. There are currently only about 70 series of 1875 $100 national bank notes known to exist. So the sheet output is really only included for factual purposes – it won’t affect values. The actual value is based on condition and bank of issue. If you don’t know how to grade currency, then send us pictures of what you have. We can help you grade and value any national bank note. Of course series of 1875 $100 bank notes would be a treat to see.
Series of 1875 $100 National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 1,200 sheets of $50 1882 brown back national bank notes. Not many banks printed $50 1882 brown backs. Sheet outputs aren’t extremely important. However, it is good factual information to know. The most common 1882 $50 brown backs are worth about $5,000. However, some can be worth more than $10,000 based on condition, serial number, and bank of issue.
Series of 1882 $50 Brown Back

The Merchants National Bank Of Cedar Rapids also printed 1,200 sheets of $100 1882 brown back national bank notes. Just because this bank printed more than 1,000 one hundred dollar brown backs does not mean that they are all common. We are very interested in purchasing $100 1882 brown back national bank notes. We have paid more than $15,000 for some examples. Send us pictures of what you have and we will respond quickly with an appraisal and offer.
Series of 1882 $100 Brown Back

The Merchants National Bank Of Cedar Rapids also printed 10,630 sheets of $10 1882 blue seal national bank notes. These were only issued by banks for about ten years (at the most). So it is unusual to see such a high sheet output. This will likely be a common issue unless it is rare signature combination variety. All of these notes say series of 1882 but they were actually printed between 1908 and 1921. So they aren’t quite as old as the dates might suggest. There is also a date on these notes that is between 1888 and 1901. That date is written in cursive text and it represents when the bank was chartered or re-chartered. Some of the so called 1882 value back notes have a chance to be really rare. Most of the earlier notes that say 1882-1908 on the back are likely going to be relatively common. The designs are exactly the same on the front. Each has a blue seal and charter number.
1882 Blue Seal $10 National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 10,630 sheets of $20 1882 blue seal national bank notes. That is the same number of sheets as the ten dollar denomination. You don’t have to multiply by three to get the exact number of notes issued though. There was only one twenty dollar bill per sheet. As with any national bank note, the exact value is still based on the condition, serial number, and bank of issue.
1882 Blue Seal $20 National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 19,577 sheets of $10 1902 blue seal national bank notes. Once a bank prints more than 10,000 sheets of blue seals it becomes very difficult for those notes to be rare. 1902 $10 blue seal bank notes all have a portrait of William McKinley on them. Values can range from as little as $40 up to over $10,000. There really is no trick to know what is rare and what is common by just doing an internet search. You really need to work with an expert (like us) in order to determine the value of your specific bank note. There are at least ten different factors than can make some 1902 $10 blue seals worth more than others. We know exactly what to look for and we would be happy to provide a free appraisal and our best offer.
1902 $10 Blue Seal National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 19,577 sheets of $20 1902 blue seal national bank notes. The same rarity rules for 1902 $10 blue seals also apply to $20 blue seals. Just remember that $20 bills are by nature three times rarer (unfortunately they don’t command a premium over other denominations). Hugh McCulloch is pictured on the front of each bill. Contact us if you need pricing help.
1902 $20 Blue Seal National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 2,554 sheets of $50 1902 blue seal national bank notes. There is no trick to knowing which 1902 blue seals will be common and rare. Often times the number printed won’t tell you much information. The value still comes down to condition and demand. That is a surprise to most people. In fact, most 1902 $50 bills we see are worth between $750 and $1,250. The rarer ones can be worth more than $5,000. However, there isn’t much middle ground.
1902 $50 Blue Seal National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 2,554 sheets of $100 1902 blue seal national bank notes. It is no coincidence that the sheet numbers for $50 bills and $100 bills are the same. They were printed on the same sheets. Most $100 blue seals are at least scarce; others can be very rare. John J Knox is printed on the front of each bill. Most collectors like the back design a lot more though. It is really unique and different from most other national bank notes. Prices for 1902 $100 blue seals are pretty similar to $50 blue seals. They are both equally common or equally rare, depending on how you look at it.
1902 $100 Blue Seal National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 5,624 sheets of Type1 1929 $10 national bank notes. Sadly, based on a number that high, there is basically no chance for these notes to be especially rare. Each $10 bill from 1929 has a portrait of Alexander Hamilton on it. The black number written vertically is the charter number. The charter number never affects the value; it is just an identifier. The ten dollar type1 national bank note happens to be the single most common national bank note, with over 65,000 known to exist from all banks. Of course each note is valued based on its condition and rarity. Some are very rare.
Series of 1929 Type1 $10 National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 1,796 sheets of Type1 1929 $20 national bank notes. That is a pretty typical sheet output for a national bank during the small size era. Andrew Jackson is featured on the front of each 1929 $20 bill. Be sure to take note of the serial number on your specific bank note. If it is 000001 then you can expect a nice premium. There is a special market for serial number one bank notes. Of course, even if the number isn’t #1, it could still be collectible and have a high value just based on its condition and rarity alone.
Series of 1929 Type1 $20 National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 700 sheets of Type1 1929 $50 national bank notes. This is a small print range, but it does not guarantee rarity. As is the case with all modern fifty dollar bills, Ulysses Grant is pictured on the front of 1929 $50 bills. This is a higher denomination that was only printed by 300 different national banks. Many examples are only worth around a few hundred dollars. Rarer specimens can sell for more than $1,000.
Series of 1929 Type1 $50 National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 164 sheets of Type1 1929 $100 national bank notes. That is an extremely small sheet printing number. Survivors are still likely but definitely not guaranteed. Despite saying series of 1929, all type1 national bank notes were actually printed between 1929 and 1933. Exactly 289 national banks printed $100 type1 notes. Most are relatively common. However, as with anything, there are always exceptions to that rule.
Series of 1929 Type1 $100 National Bank Note

The Merchants National Bank Of Cedar Rapids also printed 96 individual notes from the type2 1929 $10 national bank note series. Type2 1929 national bank notes are already rare to begin with. A printing of less than 1,000 is especially low. The easiest way to spot the difference between type1 1929 $10 bills and 1929 type2 $10 bills is in the serial number. Type2 notes have a serial number that ends with a number. 1929 type1 notes have a serial number that ends with the letter A. Generally speaking, these $10 bills are rarer than the earlier type1 issues. However, most collectors don’t pay more for that rarity because they look basically the same.
Series of 1929 Type2 $10 National Bank Note

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