From https://www.uscurrency.gov/history
In 1863 Congress establishes a national banking system and authorizes the U.S. Department of the Treasury to oversee the issuance of National Banknotes. This system sets Federal guidelines for chartering and regulating "national" banks and authorizes those banks to issue national currency secured by the purchase of United States bonds.
National bank notes were printed from 1865 until they were retired as a currency in 1929. Like many other banks, The First National Bank and Trust Company of Newtown had a charter, number 324. These notes would've circulated about town and were legal tender.
The notes, today, are very scarce and the small notes are rarer than the large.
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| FNB Deposit Bag |
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