Series of 1929 Treasures in Easthampton, Mass

This month, we venture north to New England and visit the town whose bank is the source of perhaps the largest hoard of small-size nationals ever discovered. After being found in a local safe deposit box in the early 1960s, a vast collection of crisp, uncirculated “Series of 1929” Type 2 $10 notes from the First National Bank of Easthampton, Massachusetts, charter #428, was made available to all members of the collecting fraternity.

Easthampton, Massachusetts, is a city in Hampshire County, situated near the Five Colleges in the towns of Northampton and Amherst. Easthampton is easily accessible via Interstate 91 and U.S. Route 5. The current population is around 17,000.

Situated in the Pioneer Valley of western Massachusetts, Easthampton began as a small farming community in the early 1700s. The area was originally inhabited by the Nonotuck people before English settlers from nearby Northampton started moving in to establish farms in the fertile lowlands along the Connecticut River.

One of the earliest settlements was the Pascommuck area, which was named after a nearby Native American village. During Queen Anne’s War in 1704, the Pascommuck settlement suffered a devastating raid by French-allied Native Americans, resulting in the deaths and capture of many residents. Despite the tragedy, settlers soon returned and continued to grow the agricultural economy. By the late 18th century, the area was known as Easthampton and was officially separated from Northampton and incorporated as a town in 1809.

The 19th century ushered in significant industrial development for Easthampton, which evolved it from a rural village into a bustling mill town with a growing downtown and thriving civic institutions.

Through the construction of the Manhan Canal in the 1840s and the advent of steam and waterpower from the Manhan River, the town quickly became a center for manufacturing. Textile mills and button factories sprang up, most notably the Williston-Knight Button Company and the West Boylston Manufacturing Company. The industrial boom attracted large numbers of immigrant workers from Ireland, Canada, Poland, and other parts of Europe, significantly changing the demographic makeup of the town.

The prosperity of Easthampton’s industrial economy continued into the early 20th century, but, like many mill towns in New England, it began to decline in the mid-century as manufacturing jobs moved south or overseas. The closure of many mills in the 1950s through the 1980s led to economic stagnation, population decline, and a reduction in civic investment.

However, starting in the late 20th century, Easthampton began to reimagine its future. Artists and small business owners were drawn to the town’s affordable real estate and historic mill buildings. Many of these industrial structures were repurposed into art studios, galleries, lofts, and tech spaces, creating a vibrant arts and cultural community that revitalized the local economy. The city also emphasized historic preservation, environmental sustainability, and smart growth, with a focus on walkable neighborhoods and green spaces.

In 1996, Easthampton transitioned from a town to a city, reflecting its evolving identity and governance structure. The 21st century has seen Easthampton flourish as a creative and progressive community, benefiting from its proximity to Northampton and the Five Colleges consortium. It boasts a lively downtown area filled with independent shops, breweries, restaurants, and arts venues, such as the Cottage Street Cultural District.

Easthampton has also invested in recreational infrastructure such as the Manhan Rail Trail, which connects to a larger network of biking and walking trails across the region. Today, Easthampton is recognized not only for its rich history but also for its successful transformation into a forward-thinking, inclusive city that balances heritage with innovation.

The First National Bank of Easthampton opened its doors in 1864 under charter #428 and survived the end of the national currency era in 1935. Over its long life, its total issue was just under $2 million, although a mere $33,000 was outstanding as of 1935. No one expected that over $10,000 of this would be found intact! The bank issued a considerable variety of large-size notes, but its small-size issue was confined to Type 2, and then only of the $10 and $20 denominations.

The National Bank Note Census lists over 1,000 notes from Easthampton, with virtually all of them consecutively numbered “Series of 1929” Type 2 $10 notes in uncirculated (or nearly so) condition. This is the largest hoard of uncirculated Type 2 $10s ever recorded, and as such, examples are widely available. However, large size issues are quite scarce, with just 17 notes encompassing Original, 1875 series, 1882 issues, and “Series of 1902” issues combined.

In my collection, I have lovely examples of large notes from Easthampton, including a “Series of 1882” $5 brown back and a “Series of 1902” $5 plain back, both in very nice grades. Interestingly, all large-size notes known from Easthampton bear the so-called “New England Trim,” which are close-trim hand-cut margins that can be found on the large notes of many New England banks. An old theory suggested that the notes were cut to fit into the drawers of early cash registers. Still, this explanation does not hold water, as similar cash registers were used across the country, and close-trim notes are only found on New England issues.

A better theory (mine) is that most of these New England banks began their lives as state note issuers before the Civil War, and the bankers were used to hand-cutting notes and removing excess margins. They simply continued this tradition into the national currency era. It is just likely that some bankers preferred the look of close-cut margins.

Easthampton today is a charming small city replete with historic buildings and thriving commercial shops. The town hall, a fantastic post-Civil War structure with an imposing bell tower, was erected in 1869 and shows a memorial tablet dedicated to soldiers of the Civil War. The town features a classic Main Street, complete with many red brick period structures characteristic of New England architecture.

It was easy to spot the First National Bank of Easthampton as it sits just across Main Street (Massachusetts Route 10) from City Hall. The bank, now a Bank of America branch, bears an architectural style reminiscent of buildings erected in the 1920s.

So, there it was, the home of all of those beautiful small size $10 notes that have been ubiquitous at bourses and coin shows for years. The bank was founded in 1864; however, I wondered where its original building was.

As I walked up and down Main Street, I spied an attractive corner structure that was eerily reminiscent of many original New England bank buildings I have seen in the past. It was a beautiful red brick building with a classic 1860s style and lovely arched windows that is now the office of Banas & Fickert Insurance Agency. I decided to go in for a look.

Upon entering the building, I was greeted by a secretary who inquired how she could help me. “I’m interested in old bank buildings,” I began, “and was wondering if this building was the original First National Bank building.” She replied that it had indeed been a bank, but was not sure which. “Give me a second to go and check with Mr. Folcomb, he knows more about this than I do.” In a minute, she returned, confirming that the building had served as the First National Bank until its larger and more modern building was constructed in 1923.

Upon looking at this building, you will see how graceful and attractive it is, with its original wrought iron fire escape clinging to the sidewall. I later found a vintage photo of this same block; the bank has the words “FIRST NATIONAL BANK” above the entrance.

It is very interesting to note that the availability of small-size notes from this bank is in sharp contrast to the rarity of its large notes. The lopsided nature of the census tells it all: 17 large and 1,018 small. Interestingly, just two of the 1,108 small notes are circulated examples that were not part of the hoard!

In all probability, many readers may well have an uncirculated example from this bank in their collections. I thought everyone would enjoy the chance to visit the town and bank from which all these notes originated. If you are ever in the Springfield, Massachusetts, area, a short jaunt to Easthampton will illustrate the best of New England brick architecture.

Readers may address questions or comments about this article or national bank notes in general to Mark Hotz at markbhotz@gmail.com

You may also like:

Hotz off the Press: Red Seals and Ruins in Texas

Hotz off the Press: Notes From Across the Midwest

The History-Rich Ghost Town of Cairo, Ill.