1902 $5 National Banknote Granger, TX National Bank PCGS AU-50

This 1902 $5 National Banknote was issued by The Granger National Bank of Granger, Texas, bearing charter number 11642. The note represents the era of National Banking that began with the National Bank Act of 1863, when local banks were authorized to issue currency backed by U.S. government bonds. This particular note features the highly desirable serial number 1 and showcases the distinctive blue Treasury seal and serial numbers characteristic of the Series 1902 plain back design.

The obverse displays a formal portrait of President Benjamin Harrison within an ornate oval frame, surrounded by intricate geometric border patterns and the bold "UNITED STATES OF AMERICA" header. The bank name "THE GRANGER NATIONAL BANK" is prominently featured in the center, with pen signatures of bank officers John Baca as president and Ivan C. Parma as cashier clearly visible. The reverse presents an allegorical vignette depicting figures representing progress and industry, rendered in the distinctive green ink used for the back of these notes.

Graded AU-50 by PCGS, this note exhibits typical signs of light circulation with good structural integrity and clear design elements throughout. The surfaces show even wear consistent with the grade, while maintaining strong eye appeal, bold ink colors, and solid embossing. This Serial Number 1 note originates from the first sheet issued after the bank opened in 1920, representing a very scarce Williamson County institution that had just $390 outstanding in 1935. It is the only Number 1 large size note reported from this charter and one of just four large size notes overall in the census. National banknotes from smaller Texas towns like Granger are particularly sought after by collectors specializing in state and regional banking history. Included with the lot is a signature block bearing Mr. Parma's name which was likely used for various fiscal documents within the bank.