The First National Bank Of Rugby
The First National Bank Of Rugby in North Dakota printed $18,850 dollars worth of national currency. Very few banks in the country issued less than $25,000 face value of national bank notes. Currency from this bank should be very rare. This national bank opened in 1902 and stopped printing money in 1909, which equals a 8 year printing period. That is obviously a very short period of time. During its life, The First National Bank Of Rugby issued 3 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 Rugby was located in Pierce County. It was assigned charter number 6341.
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The First National Bank Of Rugby in North Dakota printed 310 sheets of $5 1902 red seal national bank notes. All red seals are very rare. But that sheet output is extremely low. We would love to see a picture of what you have. Five dollar red seals are typically a little bit rarer than some higher denominations. That rarity is typically just a result of small issuances. Most national banks preferred to issue $10 and $20 1902 red seals. Each one of these five dollar bank notes has a portrait of Ben Harrison on the left hand side of the bill. Most people are quick to notice the cursive charter date with a year between 1902 and 1908 written on it. That date will never affect the value.
1902 $5 Red Seal National Bank Note
The First National Bank Of Rugby printed 253 sheets of $10 1902 red seal national bank notes. All red seals are very rare. But that sheet output is extremely low. We would love to see a picture of what you have. Collectors love ten dollar 1902 red seals. They usually represent the rarest bank notes printed by any national bank. Don’t let the term “series of 1902” confuse you. These were actually printed for about six years between 1902 and 1908. That is obviously a very short issue period which means that many red seals are quite rare. Each note has a portrait of William McKinley. Be sure to check the number under McKinley. If it is #1 then you are dealing with a note from the first sheet of bank notes issued. Number one bank notes are worth even more money than the already rare red seals.
1902 $10 Red Seal National Bank Note
The First National Bank Of Rugby also printed 253 sheets of $20 1902 red seal national bank notes. Twenty dollar red seal bank notes have poor survival rates. They don’t command premiums compared to the ten dollar denomination, but they are definitely rarer. All 1902 red seals were printed on four note sheets. There were three ten dollar bills and one twenty dollar bill per sheet. The 1902 $20 notes have a portrait of Hugh McCulloch on them. The charter number and seal are both printed in red ink. The serial numbers have a slight blue tint to them. The charter number is printed around the border of the note several times. The bank’s title is right in the middle of the note and the state of issue is printed just below the title. Remember that all national bank notes are valued based on their condition and rarity. The same rule applies to 1902 $20 red seals.
1902 $20 Red Seal National Bank Note