US National Banknotes Database - The "U.S. National Bank Notes, 1864-1935" database was assembled by Franklin Noll as part of a study on National Bank note production by the Historical Resource Center of the Bureau of Engraving and Printing. As such, much of the data relates to production; though issuance, redemption, and circulation figures have also been gathered in an effort to help explain variations in production. It is available here: http://eh.net/databases/usnationalbanknotes. I have included what is in the excel and word documents below for ease of use because not everybody has Microsoft Office.

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National Bank Notes, 1864-1935: Production, Issuance, Redemption, and Circulation

This database was assembled as part of a study on National Bank note production by the Historical Resource Center of the Bureau of Engraving and Printing. As such, much of the data relates to production; though issuance, redemption, and circulation figures have also been gathered in my efforts to help explain variations in production. An explanation of the categories used and the sources of the data are presented below:

Total Production
This is the total dollar amount of all National Bank notes produced annually by the Bureau of Engraving and Printing (BEP) or private bank note companies. Not all notes produced were actually issued for circulation.

This data was gathered from the Annual Report of the Director, Bureau of Engraving and Printing from the years 1872 to 1935. Pre-1872 data, except for 1864, is nonexistent because National Bank notes were not printed by the Bureau of Engraving and Printing until 1876. Before that time they were printed by private bank note companies with only the Treasury seal and any serial numbers applied at the BEP. Therefore actual production data was held by the private companies and has long since been lost. However, some data on how many notes were processed by the BEP between 1872 and 1876 remains, and there is cumulative data from a November 1864 report.

To estimate production from 1865 through 1871, it was assumed that production was greater than issuance and that the relationship between production and issuance was fairly constant between 1864 and 1873. These assumptions are based on the known historical record of production almost equaling issuance, especially in the early years of the National Banking System. In this period, notes were issued as fast as they were produced. Hence, there was no opportunity or slack time for over-production or creation of a large surplus. And, with the bank note companies running at capacity, any decrease in production, perhaps caused by technical problems or economic downturns, would result in lower issuance. Using these assumptions, production/issuance ratios were derived for 1864, 1872, and 1873 of 1.06201, 1.07376, and 1.06878 respectively. Given the small differences in these numbers, they were averaged to give a production/issuance ratio of 1.06818. This ratio was applied to the issuance figures for 1865 to 1871 to give the estimated production numbers.

Issuance
This is the total dollar amount of all new National Bank notes annually issued to National Banks for issuance into circulation. This number includes new replacement notes for those redeemed by existing banks and the first notes issued to new National Banks.

This data was copied from tables in the annual Comptroller of the Currency reports, specifically the table entitled National-bank notes issued during each year, etc.

Redemption (Total Destruction)
This is the total dollar amount of National Bank notes redeemed and destroyed annually by the Currency Bureau of the Comptroller of the Currency.

This data was copied from the same tables in the annual Comptroller of the Currency reports as were used to gather issuance data.

Destruction (Worn and Mutilated)
This is the total dollar amount of National Bank notes destroyed annually because they were worn, mutilated, or damaged in some way. These notes would have been replaced with new notes.

This data came from the same tables used above.

Destruction (Insolvent and Liquidation Banks)
This is the total dollar amount of National Bank notes destroyed annually because the banks issuing them were closing or simply going out of the currency business.

This data came from the same tables used above.

Circulation
This is the total dollar amount of National Bank notes in circulation at the end of the fiscal year.

Circulation numbers appear in a number of places, such as the Annual Report of the Secretary of the Treasury on the State of the Finances, but it was easiest for me to take them from Esther Rogoff Taus, Central Banking Functions of the United States Treasury, 1789-1941 (New York: Columbia University Press, 1943), 286-89.

Old Series, 1875, 1882, 1902, 1882-1908, 1902-1908, 1929
This is the total dollar amount of National Bank notes produced annually in each specific series by the Bureau of Engraving and Printing or private bank note companies. The differences in these series are of interest mostly to currency collectors and the BEP. For more information review one of the many books put out for currency collectors such as Arthur Friedberg and Ira Friedberg, Paper Money of the United States, 16th ed. (Clifton, NJ: The Coin & Currency Institute, 2001).

Like the Total Production figures, these numbers stem from the Annual Report of the Director, Bureau of Engraving and Printing with the same gap in data from 1865 to 1871. This absence of data was overcome by using the estimated Total Production figures because all production between 1865 and 1871 were for the Old Series National Bank notes.

[1] Annual Report of the Director, Bureau of Engraving and Printing, Historical Resource Center, Bureau of Engraving and Printing, Washington, DC.

[2] “Report to the Secretary of the Treasury from the First Division of the National Currency Bureau,” House Ex. Doc. No. 50, 38th Congress, 2nd session, 6 February 1865, 54, 59.

[3] Report of the Comptroller of the Currency (Washington, DC: Government Printing Office, 1920), 2: 51 and Report of the Comptroller of the Currency (Washington, DC: Government Printing Office, 1935), 234.

The Database

  Total Production Issuance Redemption (Total Destruction) Destruction (Worn and Mutilated)  Destruction (Insolvent and Liquidating Banks) Circulation
1863 0 0 0 0 0 0
1864 62,461,000 58,813,980 0 0 0 31,235,000
1865 156,259,219 146,285,475 464,250 175,490 288,760 146,138,000
1866 95,586,898 89,485,759 1,034,005 1,050,382 0 276,013,000
1867 10,272,609 9,616,927 3,609,062 3,401,423 207,639 286,764,000
1868 6,585,474 6,165,135 5,143,001 4,602,825 540,176 294,369,000
1869 8,947,556 8,376,450 8,768,617 8,603,729 164,888 291,750,000
1870 17,804,291 16,667,875 14,533,391 14,305,689 227,702 288,648,000
1871 51,978,397 48,660,710 26,044,778 24,344,047 1,700,731 311,406,000
1872 54,641,920 50,888,475 34,372,857 30,211,720 4,161,137 329,037,000
1873 49,415,500 46,235,375 38,878,526 36,433,171 2,445,355 338,962,000
1874 41,862,866 51,766,644 51,328,412 49,939,741 1,388,671 340,266,000
1875 153,857,937 136,025,195 141,635,083 137,697,696 3,937,387 340,547,000
1876 113,319,325 78,480,410 101,789,358 98,672,716 3,116,642 316,121,000
1877 73,059,445 75,611,240 79,607,060 76,918,963 2,688,097 301,289,000
1878 64,265,420 63,825,205 60,055,895 57,381,249 2,674,646 311,724,000
1879 56,803,060 58,376,360 42,896,002 41,101,830 1,794,172 321,405,000
1880 45,163,450 43,787,770 36,860,366 35,539,660 1,320,706 337,415,000
1881 67,843,220 73,221,180 56,344,600 54,941,130 1,403,470 349,746,000
1882 74,213,700 80,076,450 78,018,639 74,917,611 3,101,028 352,465,000
1883 95,071,480 78,681,070 88,904,108 82,913,766 5,990,342 347,856,000
1884 76,044,180 81,046,310 99,353,041 93,178,418 6,174,623 330,690,000
1885 94,012,680 83,040,440 100,620,456 91,048,723 9,571,733 308,631,000
1886 81,816,290 62,026,940 75,909,362 59,989,810 15,919,552 307,665,000
1887 22,709,200 36,756,100 66,095,019 47,726,083 18,368,936 276,855,000
1888 45,705,280 49,668,460 82,275,225 59,568,525 22,706,700 245,313,000
1889 30,399,850 30,611,860 67,912,593 52,207,627 15,704,966 207,221,000
1890 32,737,050 32,886,720 55,180,851 44,447,467 10,733,384 181,605,000
1891 32,925,180 46,465,820 53,937,105 45,981,963 7,955,142 162,221,000
1892 62,273,200 49,951,350 49,893,102 43,885,319 6,007,783 167,222,000
1893 59,889,320 86,184,670 49,520,402 44,895,466 4,624,936 174,670,000
1894 106,085,900 66,586,360 68,147,445 62,835,395 5,312,050 200,220,000
1895 67,123,860 57,181,040 50,829,997 46,997,527 3,832,470 206,953,000
1896 71,106,200 78,098,580 57,152,155 53,613,811 3,538,344 215,168,000
1897 83,036,050 82,526,890 86,948,237 83,159,973 3,788,264 226,318,000
1898 92,480,850 79,469,260 69,970,927 66,683,467 3,287,460 222,991,000
1899 82,315,250 67,028,650 63,590,507 59,988,303 3,602,204 237,805,000
1900 176,186,100 163,808,800 75,181,318 71,065,968 4,115,350 300,115,000
1901 150,813,010 123,100,200 94,881,983 90,848,100 4,033,883 345,111,000
1902 104,818,800 133,309,440 112,745,162 107,222,495 5,522,667 345,477,000
1903 245,705,020 187,249,260 148,114,972 140,306,990 7,807,982 399,997,000
1904 201,641,820 213,462,110 175,790,998 167,118,135 8,672,863 433,028,000
1905 253,014,630 272,590,790 205,365,023 195,194,785 10,170,238 480,029,000
1906 312,364,890 261,914,490 203,251,621 191,102,985 12,148,636 548,001,000
1907 238,939,845 236,119,740 209,313,038 197,932,847 11,380,191 589,242,000
1908 350,419,420 367,017,740 311,154,956 231,128,140 80,026,816 631,649,000
1909 769,324,950 413,152,510 375,058,720 326,622,845 48,435,875 665,539,000
1910 537,959,480 417,941,890 392,509,825 359,496,000 33,013,825 683,600,000
1911 425,064,990 459,942,330 445,122,670 409,835,965 35,286,705 687,701,000
1912 453,724,320 462,388,390 455,987,756 428,399,608 27,588,148 705,142,000
1913 472,043,150 462,578,550 452,726,500 426,282,840 26,443,660 715,754,000
1914 466,820,400 818,227,830 456,099,568 435,904,280 20,195,288 715,180,000
1915 789,841,300 364,049,710 708,753,336 362,551,125 346,202,211 782,120,000
1916 233,676,540 356,300,750 410,402,410 351,374,597 59,027,813 716,204,000
1917 289,562,470 325,570,430 335,680,761 298,468,107 37,212,654 690,635,000
1918 258,043,950 260,155,140 255,079,395 236,296,660 18,782,735 691,407,000
1919 237,855,750 356,738,100 354,972,390 330,106,555 24,865,835 639,472,000
1920 536,215,300 456,046,770 444,337,985 424,542,837 19,795,148 689,608,000
1921 472,851,200 603,301,700 591,305,730 570,887,902 20,417,828 721,421,000
1922 706,255,750 569,444,140 550,842,335 537,153,570 13,688,765 727,681,000
1923 337,673,180 569,856,070 559,781,500 542,194,707 17,586,793 711,076,000
1924 526,790,400 550,498,910 548,896,698 522,241,817 26,654,881 733,835,000
1925 518,345,400 492,110,950 553,393,745 470,950,865 82,442,880 681,709,000
1926 502,663,560 509,464,360 522,339,710 487,254,340 35,085,370 651,477,000
1927 507,015,540 506,131,540 502,845,885 475,920,522 26,925,363 650,057,000
1928 525,758,050 542,913,470 544,899,980 517,236,465 27,663,515 650,212,000
1929 529,202,330 517,573,245 518,183,277 492,160,200 26,023,077 652,812,000
1930 938,544,253 683,508,845 678,569,485 645,640,640 32,928,845 650,779,000
1931 394,989,420 457,163,430 461,087,672 433,315,240 27,772,432 648,363,000
1932 437,299,440 545,467,800 382,058,138 341,314,325 40,743,813 700,894,000
1933 697,006,170 503,608,395 404,782,400 346,712,255 58,070,145 919,614,000
1934 457,921,200 410,438,130 465,416,130 339,901,583 125,514,547 901,872,000
1935 190,834,040 139,192,865 519,814,536 140,107,243 379,707,293 704,263,000
1936 0 0 388,158,000 0 388,158,000 366,105,000
  Old Series 1875 1882 1902 1882-1908 1902-1908 1929
1863 0            
1864 62,461,000            
1865 156,259,219            
1866 95,586,898            
1867 10,272,609            
1868 6,585,474            
1869 8,947,556            
1870 17,804,291            
1871 51,978,397            
1872 54,641,920            
1873 49,415,500            
1874 41,862,866            
1875 153,857,937 0          
1876 27,795,950 85,523,375          
1877 0 73,059,445          
1878   64,265,420          
1879   56,803,060          
1880   45,163,450          
1881   67,843,220          
1882   74,213,700 0        
1883   54,003,320 41,068,160        
1884   54,292,570 21,751,610        
1885   25,906,790 68,285,890        
1886   10,111,020 71,705,270        
1887   3,811,650 18,897,550        
1888   5,085,730 40,619,550        
1889   5,385,190 25,014,660        
1890   5,546,600 27,190,450        
1891   4,181,300 28,743,880        
1892   8,345,380 53,927,820        
1893   6,547,700 53,341,620        
1894   10,143,850 95,942,050        
1895   5,197,410 61,926,450        
1896   5,761,000 65,345,200        
1897   4,600,500 78,435,550        
1898   4,294,610 88,186,240        
1899   4,174,500 78,140,750        
1900   6,184,450 170,001,650        
1901   2,661,950 148,151,060 0      
1902   425,900 97,582,650 6,810,250      
1903   0 182,570,090 63,134,930      
1904     139,115,850 62,525,970      
1905     115,972,460 137,042,170      
1906     103,893,850 208,471,040      
1907     53,912,335 185,027,510   0  
1908     101,465,000 248,176,290 0 778,130  
1909     9,085,800 14,591,320 208,318,950 537,328,880  
1910     0 0 119,918,040 418,041,440  
1911     0 0 78,706,000 346,358,990  
1912     0 0 76,263,500 377,460,820  
1913     0 0 75,547,500 396,495,650  
1914     0 0 70,033,000 396,787,400  
1915     0 0 117,917,000 671,924,300  
1916     24,117,500 200,306,040 5,259,500 3,993,500  
1917     36,225,500 247,596,970 1,087,000 4,653,000  
1918     24,659,000 229,549,700 723,750 3,111,500  
1919     19,248,500 214,716,250 631,000 3,260,000  
1920     34,552,500 489,233,300 2,411,500 10,018,000  
1921     14,167,750 451,067,450 616,000 7,000,000  
1922     3,136,500 690,672,500 415,000 12,031,750  
1923     0 332,350,680 0 5,322,500  
1924       519,010,400   7,780,000  
1925       509,620,400   8,725,000  
1926       497,582,560   5,081,000  
1927       507,015,540   0  
1928       525,758,050     0
1929       528,548,750     653,580
1930       7,230,973     931,313,280
1931       0     394,989,420
1932             437,299,440
1933             697,006,170
1934             457,921,200
1935             190,834,040
1936             0

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