Old Money from The First National Bank Of Olustee | 8316

The First National Bank Of Olustee

The First National Bank Of Olustee in Oklahoma printed $13,920 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 1906 and stopped printing money in 1909, which equals a 4 year printing period. That means that money from this bank was not entering circulation very often. During its life, The First National Bank Of Olustee issued 2 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 Olustee was located in Jackson County. It was assigned charter number 8316.

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The First National Bank Of Olustee in Oklahoma issued 263 sheets of $10 1902 territorial red seal national bank notes. Collectors love to buy notes from such a small print run. It doesn’t get much smaller than under 500 sheets printed. This denomination and type was the most prolifically issued territorial note. Some can be quite rare. There is a hierarchy in terms of rarity. Red seals from Hawaii are the absolute rarest. In fact, none from Hawaii are currently known to exist. Ten dollar red seals from Porto Rico are also extremely rare, as are red seals from Alaska. The average collector is most likely to encounter red seals from Arizona, New Mexico, and Oklahoma. There were far more territorial banks in Oklahoma during the red seal period than any other state, so notes from Oklahoma are the most common. However, most all red seals should be worth more than $10,000, and sometimes considerably more. William McKinley is pictured on the left hand side of each bill. The number under McKinley is the bank serial number. If that number is #1, then you can expect an additional premium on the value.
1902 $10 Red Seal Territorial National Bank Note

The First National Bank Of Olustee printed 85 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

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