1865 $1 National Bank Note – Pittsfield National Bank of Massachusetts | Civil War Era U.S. Currency | Rare Early National Note

This historic 1865 $1 National Bank Note issued by the Pittsfield National Bank of Massachusetts is a remarkable survivor from one of the most formative periods in American financial history. Produced at the close of the Civil War era, this note represents the earliest generation of U.S. National Currency and stands as a tangible artifact of America’s transition from state-issued banknotes to a unified national banking system.

Early $1 denomination National Bank Notes are especially desirable due to their limited print runs, heavy circulation, and extremely low survival rates today. Examples from Massachusetts banks, particularly from smaller but economically important cities like Pittsfield, are increasingly difficult to locate, making this note a prized acquisition for advanced collectors.

Key Specifications

• Denomination: $1
• Series Year: 1865
• Type: National Bank Note
• Issuing Bank: Pittsfield National Bank
• Location: Pittsfield, Massachusetts
• Era: Civil War / Reconstruction Period
• Size: Large Size U.S. Currency
• Category: Early National Currency
• Rarity: Scarce, especially in collectible condition

Historical Context – The Birth of National Currency

The National Banking Act of 1863 and 1864 reshaped the American financial system by authorizing federally chartered banks to issue standardized notes backed by U.S. government bonds. The 1865 series belongs to the first wave of National Bank Notes, issued during a time when the nation was healing from the Civil War and rebuilding its economy.

Unlike modern Federal Reserve Notes, National Bank Notes were issued by local banks, each bearing the name and location of the issuing institution. This makes every example a unique regional historical document, closely tied to the economic life of a specific American community.

Pittsfield, Massachusetts – A Regional Financial Hub

During the mid-19th century, Pittsfield was an important commercial and industrial center in western Massachusetts. The Pittsfield National Bank played a vital role in financing:

• Regional trade and manufacturing
• Agricultural commerce
• Infrastructure and post-war economic growth

Notes issued by New England banks are highly collectible due to the region’s importance in early American banking history. However, Pittsfield-issued notes are far scarcer than those from major cities like Boston, making this $1 note particularly desirable.

Why the $1 Denomination Is Especially Rare

Among early National Currency issues, the $1 denomination is one of the hardest to find today. These notes:

• Circulated heavily in daily commerce
• Were rarely saved by the public
• Suffered high redemption and destruction rates

As a result, surviving examples are disproportionately scarce compared to higher denominations. For collectors, early $1 Nationals represent an elite subset within the National Currency market.

Collector and Investment Appeal

1. Civil War–Era Issuance

Notes dated 1865 are directly tied to the final year of the Civil War and the beginning of Reconstruction, giving them exceptional historical gravity.

2. Massachusetts National Bank Note

Massachusetts is one of the most actively collected states for National Currency. Smaller-city banks like Pittsfield offer added scarcity and challenge.

3. Early National Design

Early National Bank Notes feature bold typography, classic engraving styles, and large-format layouts that many collectors consider superior to later issues.

4. Long-Term Market Strength

Early National Bank Notes continue to experience:

• Steady collector demand
• Increasing scarcity, as examples are absorbed into long-term collections
• Strong auction performance, especially for early issues and low denominations

A Tangible Piece of American History

This 1865 $1 Pittsfield National Bank Note is more than currency—it is a financial artifact from the birth of America’s modern banking system. It circulated at a time when the nation was redefining itself, when paper money itself was still gaining public trust, and when local banks were central to everyday commerce.

Collectors of U.S. paper money, Civil War–era artifacts, and Massachusetts history recognize early National Bank Notes as cornerstone pieces that bridge economic history and numismatics.

Conclusion

The 1865 $1 National Bank Note from Pittsfield, Massachusetts, is a rare and historically rich example of early U.S. currency. Its Civil War–era origin, low denomination, and regional bank issuance combine to create a highly desirable collectible with enduring appeal.

Whether added to a National Bank Note charter collection, a Massachusetts-focused set, or a Civil War–era currency portfolio, this note represents a meaningful and increasingly scarce opportunity to own a genuine piece of American financial history.