Texas Heritage, Winter 2002 Page: 25
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Some banks that issued notes, including the Lockney National Bank
in Lockney, Texas, an ephemeral bank that was in business from July to
September of 1908 and issued a total of only $6,250 in currency, had
all of its notes redeemed. There are many banks in Texas that are currently
unreported-notes from these banks, either by attrition, loss, or
redemption are simply unknown to today's collectors.
During the national banking era, currency designs went
through several major changes. There are four different major
design types for each denomination and two different sizes. All
notes issued after 1928 look very similar to today's U.S. currency,
with the same size and designs, except that each has the imprint of
the issuing bank instead of the Federal Reserve Bank imprint.
Those notes issued prior to 1928 were larger in size and had more
elaborate designs. There were three different major large-size
design types for each denomination, one for each of the charter
periods: the First Charter notes issued by banks that were chartered
from 1863 to 1882; the Second Charter Notes issued by
banks chartered from 1882 to 1902; and the Third Charter Notes
that were issued by banks chartered after 1902. Since national
bank charters typically lasted for 20 years, many banks issued
notes under each of the different charter periods. Some of the earliest
notes printed are among the perennial collector favorites,
including the First Charter $1 and $2 bills. The First Charter $2
note, known by the moniker "Lazy Deuce" because of the "reclining"
position of the large numeral "two" on the note, has always
been popular, and for many states, it is quite rare as a design type
(figure 2, page 24). In fact, there is only one known "Lazy Deuce"
from Texas-a heavily worn note from the National Exchange
Bank of Houston. Another popular design is the Second Charter
$5 Brown Back design (with the reverse design printed in brown
ink and dominated by an elegant engraving of the bank charter
number). Thankfully for collectors, a small hoard of high-grade
notes from the First National Bank of Shiner, Texas, (figure 3,
page 24) was kept at the time of issue and has since been dispersed
to appreciative specialists.
There are as many different ways to collect national bank notes
as there are collectors. Many collectors begin by obtaining notes
from their hometown or perhaps all of the cities and towns in
which he or she has lived, attempting to acquire one note from
each bank in that town or city. Other variations include collections
from just one bank or town, but which include notes from
each design or denomination. Many collectors attempt to obtain
notes from each of the states or territories, while others might collect
notes of one particular design type. Spectacular collections
exist that consist only of notes with the serial number "one," the
first notes issued of a design from the issuing bank. Other collectors
have broader goals-perhaps to collect one note from each
town in a state or even from each bank in a state. While such large
collections are technically impossible to "finish" those that banks
from Texas are currently unknown), efforts that come close to
"completeness" are truly impressive. One such collection was
assembled by Texan William Philpott, who as the longtime secretary
of the Texas Bankers Association, began acquiring Texas
national bank notes in the 1920s and 1930s. By the late 1960s,
continued on page 55C A F E
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Texas Historical Foundation. Texas Heritage, Winter 2002, periodical, Winter 2002; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth45380/m1/25/: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas Historical Foundation.