National Banknotes began in 1863 as a temporary remedy to the extreme economic conditions caused by the Civil War.
The "temporary" solution lasted until 1929 for large size notes, such as the Perham note, and 1935 for small size notes. A National Bank could apply for currency to be printed with their bank name and city on the paper money. This currency was backed by United States bonds and is legal tender still today.
The Melada Minnesota Bank Note Collection is showcasing National Banknotes from the Mort and Richard Melamed Minnesota Collection.
Mort began collecting in the 1970s and his son Richard continued the Melamed collection after his father's death in 1987. Over 400 Minnesota National Banknotes are featured in the collection, from the towns of Ada to Worthington with many in between.
The First National Bank of Perham issued this $20 note printed with the 1902 Dateback plate design. It is a Large Size Type Note, which means it is a larger size (7.5 x 3 in.) than current U. S. currency (6.3 x 2.6 inches).
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First National Bank of Perham opened in 1902 and liquidated in 1925, which was common at the time. Four of these Large Size notes exist today. The bank vice president pen signed as W.J. Daly and the cashier's signature has faded away.
For more information on this note and others from the Melamed Minnesota collection visit www.lynknight.-com .
