By Mark Hotz, Bank Note Reporter January 04, 2010

Greetings, readers, and welcome to the year 2010. I hope to be able to continue to fill these pages with interesting visits to small towns and their national banks, and to continue to fill you with the excitement of National Bank Note collecting. I am always excited to see a piece of American gone by—the small town and the “ma and pa” bank. To start the year, we continue our journey through West Virginia.

From Clendenin, W. Va., which we visited last month, we continued north along Interstate 79 to central West Virginia’s Braxton County, and its seat at Sutton, located on State Route 15 just north of where the Elk River forms Sutton Lake. Sutton was first laid out in 1835 and named for John D. Sutton, one of the first settlers. Braxton County was formed the next year and name for Carter Braxton, one of Virginia’s signers of the Declaration of Independence.

Sutton was situated at the confluence of major transportation routes. A wire suspension bridge was constructed across the Elk River on the Staunton to Parkersburg Turnpike at Sutton in 1853. When the Civil War broke out in 1861, Sutton was embroiled in the conflict due to its location along a major north-south turnpike in western Virginia.

On Sept. 5, 1861, the town was occupied by 5,000 Union troops. Later that same year Gen. William Rosecrans camped 10,000 troops in the area. Just before the end of the year, Confederate forces raided the town and burned most of it down, leaving just six structures standing.

Sutton slowly recovered from the Civil War as part of the new state of West Virginia. It remained a sleepy small county seat until the timber industry in the region developed and Sutton became a commercial center. Most of the historic buildings visible today in Sutton hail from this 1890-1920 time period. After the Great Depression, Sutton once again settled into lethargy and today is a quaint historic town.

Sutton was home to two national banks. The First National Bank was originally the Bank of Sutton and converted to national status in 1902. It was not well-managed and succumbed to receivership at the end of August 1914.

It was a small bank, issuing just $300,000 in total. A mere two notes are currently reported. I have included a photo of a $20 Red Seal note issued by this bank—a truly rare survivor.

Sutton’s main financial institution was the Home National Bank of Sutton, which received charter 9604 in 1909. This was a rather solid institution that survived the end of the national currency era. Its total circulation was nearly $1 million, and currently the census numbers eight large and 21 small notes reported.

The title does not refer to any of the founders, but rather reflected the rather cozy comfort locals felt toward the area. I have included a photo of a large-size Blue Seal note from this bank.

Sutton itself is easily accessible off the interstate, and its small six-block downtown area is replete with historic buildings centering on the Braxton County Courthouse and adjacent jail. The courthouse was erected in 1882 and is one of the earliest remaining courthouses in West Virginia. The fortress-like jail, located next door, was built in 1905. Sutton’s two old bank buildings were easily identifiable once we picked up a Sutton Historic Walking Tour brochure outside the courthouse.

The First National Bank was housed in the Bank of Sutton building, a two-story red brick Renaissance Revival structure built in 1900. This building had recently been a pawn shop, but suffered a fire and as a result was pretty much abandoned. Both it and the adjacent Brown Building, erected in 1915, were largely bricked up. We were able to peer through the ground floor windows of the old bank, and amid the charred ruins we spotted a super old vault.

The Home National Bank of Sutton was housed on the ground floor of the Elk Hotel, a Federal-style structure built in 1894. The building is well preserved, and currently houses a small local eatery, though it was closed and forlorn the day we visited.

Sutton itself is very quiet now, though enough interesting historic structures remain to make a visit worthwhile.

From Sutton, we jumped back on I-79 and headed north into Upshur County. We exited at U.S. 33 and headed a dozen miles east to Buckhannon, the county seat and home of West Virginia Wesleyan College. The city of Buckhannon was established on Jan. 15, 1816, and chartered by the Virginia General Assembly in 1852. Years prior to West Virginia’s recognized statehood, Buckhannon was a prospective site for the capital city, mainly because of its near-central geographic location.

There is some disagreement concerning the origin of the city’s name. Most accounts indicate that the city was named for a Delaware Indian chief named Buck-on-ge-ha-non who once hunted in the area. Other accounts suggest that it was named for John Buchannon, a clergyman who explored the area during the 1780s.

Most of Upshur County’s residents sided with the Union during the Civil War. In June and July 1861, Buckhannon became an important staging area for the Union Army both as it prepared for the important Battle of Philippi that took place on June 3, 1861 in Barbour County, and in its attempt to cut off the Confederate Army’s retreat following its defeat at Philippi. At any given time that summer, several thousand Union troops were camped in and around Buckhannon.

The West Virginia Annual Conference of the Methodist Episcopal Church founded West Virginia Wesleyan College in 1890 in downtown Buckhannon. Originally known as the West Virginia Conference Seminary, by the time of its first graduating class in 1905 it was called Wesleyan University of West Virginia. The name was changed to West Virginia Wesleyan College in 1906.

Buckhannon was also home to two national banks. The Traders National Bank of Buckhannon, charter 4760, was the main financial institution in the town during most of the national currency era. It was organized in 1892 and lasted until liquidation in 1934. It had a total issue of $923,000, and currently eight large and 10 small notes are reported. I am pleased to attach a photo of a Second Charter Date Back note from this bank.

For collectors, however, it is Buckhannon’s second bank that provides the most attractive and available National Bank Notes. Buckhannon’s Central National Bank, 13646, was chartered at the end of 1932 and issued small-size notes only for a three-year period.

While statistically this ought to be a scarce bank, the discovery of a run of 50 Type 2 $10 notes (as well as the Serial No. 1 Type 1 $10 note) in Choice New condition back in late 1995 provided collectors with the chance to own a superb note from this scarce location. I have included a photo of a note from this hoard. These notes are truly fresh and magnificent and a welcome addition to any collection.

Buckhannon today is a lively college town with an attractive downtown area filled with shops and restaurants. The Traders National Bank building was the tallest structure in town, a tall, thin five-story corner edifice that housed the bank on its ground floor and apartments and offices above.

The street level now houses a small office and art supply business. I was unable to discern if the Central National Bank operated out of a separate building. It is very likely that it operated out of a rented storefront for a couple years, and then took over the location of the Traders National Bank when that institution liquidated in 1934. The Central National Bank survived the end of the national currency era and most likely did its business in the largest bank structure in town.

Both of these towns are well worth visiting in central West Virginia: Sutton represents the quiet historic small town; Buckhannon represents the lively county seat and college town. Both are filled with historic buildings and friendly denizens. Until net month, enjoy your collecting. Readers may address questions or comments about this article or National Bank Notes in general to Mark Hotz directly by e-mail at markbhotz@aol.com.



More Resources:

• 2010 U.S. Coin Digest, The Complete Guide to Current Market Values, 8th ed.

• State Quarters Deluxe Folder By Warmans

• Standard Guide to Small-Size U.S. Paper Money, 1928 to Date

• Strike It Rich with Pocket Change, 2nd Edition