The First National Bank Of Porto Rico At San Juan
The First National Bank Of Porto Rico At San Juan in Porto Rico printed $301,300 dollars worth of national currency. That is a pretty standard output. However, some types of currency from this bank could still be rare. This national bank opened in 1902 and stopped printing money in 1911, which equals a 10 year printing period. That is actually quite brief in terms of bank existence. During its life, The First National Bank Of Porto Rico At San Juan issued 8 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 Porto Rico At San Juan was located in San Juan County. It was assigned charter number 6484.
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The First National Bank Of Porto Rico At San Juan in Porto Rico printed 2,400 sheets of $10 1902 territorial red seal national bank notes. Many territorial banks had outputs in the 2,000 to 4,000 range. 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 Porto Rico At San Juan printed 2,400 sheets of $20 1902 territorial red seal national bank notes. That of course equals the number of sheets printed for the ten dollar denomination. A total of 259 national banks in the country issued $20 territorial red seals. There are currently only about 30 of them known to exist, and that total includes all national banks. That survival rate is really poor. That means that these notes are rare and valuable. They were usually printed in small quantities and very few new ones are found these days. High grade examples are scarce as are notes printed by banks not located in Oklahoma.
1902 $20 Red Seal Territorial National Bank Note
The First National Bank Of Porto Rico At San Juan also printed 847 sheets of $50 1902 territorial red seal national bank notes. A print run under 1,000 will get the attention of most people. Combine that with a territorial and you have a real winner. We often talk about how rare 1902 $50 red seals are. However, that rarity gets lifted to a whole different level when we start talking about $50 territorial red seals. Only two are currently known to exist and they are both from San Juan, Puerto Rico. In fact, only six banks in the entire country issued the type (the other five issuers are all from Oklahoma).
1902 $50 Red Seal Territorial National Bank Note
The First National Bank Of Porto Rico At San Juan also printed 847 sheets of $100 1902 territorial red seal national bank notes. There was a single $100 bill and $50 bill on each sheet of national bank notes of this type. There are currently only three 1902 territorial $100 red seals known to exist and one of those is in a museum. That total is spread across the entire country. So needless to say, these are rare birds indeed. Just like with the fifties, only six banks even printed $100 red seals as territorials. Obviously $100 was a lot of money back when these were printed (between 1902 and 1908). This is not something that was saved as a curiosity item. The ones that are known to exist were almost certainly saved by accident and rediscovered at a time when they had become collectible. At the time these were originally circulating no one knew these would one day become great rarities.
1902 $100 Red Seal Territorial National Bank Note
The First National Bank Of Porto Rico At San Juan also printed 1,019 sheets of $10 1902 territorial blue seal national bank notes. A total sheet output in the lows 1,000s is a great sign that you own a very rare bank note. Common isn’t the right word, but the ten dollar bill is the most “available” denomination of 1902 blue seal territorial notes. There are currently around 30 1902 $10 blue seals known to exist from all territories. You can take the number of sheets printed for this bank, and multiply that by three to get the exact number of $10 notes printed for this type. Each note of course has the portrait of William McKinley on the left hand side. The charter number and overprint are both in blue ink. The number below McKinley is the serial number as it relates to the bank (and it is usually very low). The serial number in the upper right is the treasury serial number which is normally about six digits long. Typically when collectors hear territorial blue seal we think about New Mexico and Arizona. Both of those states printed such notes until each became a state in 1912. However, we also have to remember that all blue seals printed by Hawaii, Alaska, and Porto Rico fit the bill as well since all of their issues were of course issued before statehood.
1902 $10 Blue Seal Territorial National Bank Note
The First National Bank Of Porto Rico At San Juan also printed 1,019 sheets of $20 1902 territorial blue seal national bank notes. As is the case with all large size twenty dollar national bank notes, the number of sheets printed is the same as the number of individual notes printed. Right now there are about a dozen 1902 $20 territorial blue seals known to exist from all banks in the country. That is not many to go around, but this is still a small hobby. Most collectors who need one probably have one. However, there is still room for these to be very valuable based on their serial number and condition. Just like non-territorials, these also have a picture of Hugh McCulloch on the front of them. These are still good for the face value of $20 today; we definitely don’t recommend spending them though.
1902 $20 Blue Seal Territorial National Bank Note
The First National Bank Of Porto Rico At San Juan also printed 22 sheets of $50 1902 territorial blue seal national bank notes. That is a remarkably small number. Any note known to exist from a print run like that would be a true statistical miracle of survival. It is currently thought that only one 1902 territorial blue seal is known to exist for the fifty dollar denomination. Needless to say, that makes them extremely rare and valuable. In fact, only two national banks even issued them. Odds are a couple more are waiting to be found, but this will never be a common bank note.
1902 $50 Blue Seal Territorial National Bank Note
The First National Bank Of Porto Rico At San Juan also printed 22 sheets of $100 1902 territorial blue seal national bank notes. Just like with $50s, the printing number for $100s bills is unimportant. As we said previously, only two banks even issued high denomination blue seal territorials. As we are writing this, there are not any of the $100 specimens known to exist. Of course these were only printed about 100 years ago (between 1905 and 1912). In the scheme of things that is not especially long ago. We wouldn’t be surprised to see one or two of these show up in the next decade. In terms of design, these look just like non-territorials. They have a portrait of John J Knox, two serial numbers, and a blue charter number.
1902 $100 Blue Seal Territorial National Bank Note