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20 Dollars Large-Size National Bank Note
| Issuer | The Clymer National Bank, Clymer, Pennsylvania |
|---|---|
| Year | 1902-1929 |
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| Currency | Dollar (1785-date) |
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|---|---|
| Obverse lettering | NATIONAL CURRENCY SECURED BY UNITED STATES BONDS OR OTHER SECURITIES UNITED STATES OF AMERICA SERIES OF 1902 W.T. Vernon Register of the Treasury Lee McClung Treasurer of the United States THE CLYMER NATIONAL BANK WILL PAY TO THE BEARER ON DEMAND TWENTY DOLLARS Clymer, PENNSYLVANIA Oct. 10, 1910 J.M. Stewart CASHIER Ed. Widdowson PRESIDENT HUGH McCULLOCH |
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| Signature(s) | W.T. Vernon and Lee McClung |
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| Comments |
Clymer, Pennsylvania was a small coal-patch town in Cambria County, and the national bank that bore its name was a modest institution serving a working-class mining community. National Bank Notes of this type were obligations of the issuing bank, not the federal government directly — the bank deposited U.S. bonds with the Comptroller of the Currency as collateral, then received printed notes to circulate locally. When a bank failed or surrendered its charter, outstanding notes were redeemed from that bond deposit, which is why notes from small single-industry towns like Clymer tend to survive in lower populations than their urban counterparts.
Vernon and McClung served as Register of the Treasury and Treasurer of the United States respectively during the Taft administration.