Portsmouth, New Hampshire. $10 1902 Plain Back. Fr. 634. The First NB. Charter #19. PMG Very Fine 30.This New Hampshire note features an always important low charter number. It is quite nice with just honest circulation and slightly faded banking signatures. Although small-size notes from this charter trade hands frequently, large-size examples can be difficult to obtain. What might have been but wasnt: In March 1863, William H.Y. Hackett, president of the state-chartered Piscataqua Exchange Bank, was in Washington and learned of the recently passed National Banking Act of February 25th. He met with Treasury Secretary Salmon P. Chase to discuss its implications. Upon returning to Portsmouth, Hackett conferred with cashier Samuel Lord and determined to convert the business of the Piscataqua Exchange Bank into the Portsmouth National Banking Association.ppThe necessary federal bond purchases were made and documents completed. Information was the first received from any National Bank charter applicant and were assigned to box number 1 in the Treasury Department. It was the function of the Comptroller of the Currency to assign charter numbers to the new banks, and but for a small technicality, the Portsmouth bank would have been No. 1. However, on May 23, 1863, Comptroller Hugh McCulloch notified the directors that the name "National Banking Association" should be changed to "National Bank," and the Articles of Association were returned for amendment in this regard.ppBy the time the Articles reached Portsmouth, were amended, signed, and returned, 18 other applicants had received charter numbers. Accordingly, on May 23, 1863, the First National Bank of Portsmouth became charter number 19. By years end, 178 other National Banks had been organized in the United States. Although the honor of being No. 1 was lost, the bank did become the first National Bank in the state. Years later when the charter ran out it was given a new number (as were other banks), this being 2672. On June 8 1910, following a petition, No. 19 was restored, as seen on the offered note.pp
