End of The Program
National bank notes were retired as a currency type by the U.S. government in the 1930s during the great depression as currency in the U.S. was consolidated into Federal Reserve Notes, United States Notes, and Silver Certificates - and privately issued banknotes were eliminated. The passage of the Gold Reserve Act created an accounting gain for the Treasury, part of which was used to provide funds to retire all of the bonds against which National Banks Notes could be issued.
Sometimes these notes are called "hometown" notes, with their popularity deriving from the wide range of towns and cities that issued them. In the paper money hobby, especially in the U.S., these notes are avidly studied and collected. Some examples of rare banks, towns, states and combinations thereof are quite valuable; for example, a note from Walla Walla, in what was then Washington Territory, sold for $161,000 in an auction held in June 2010 by Heritage Auctions.
Read more about this topic: National Bank Note
Famous quotes containing the word program:
“The first man to discover Chinook salmon in the Columbia, caught 264 in a day and carried them across the river by walking on the backs of other fish. His greatest feat, however, was learning the Chinook jargon in 15 minutes from listening to salmon talk.”
—State of Oregon, U.S. public relief program (1935-1943)